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Chevron ( CVX ) falls after missing Q4 results estimates

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Indexes: Dow down 0.6%, S&P 500 down 0.2%, Nasdaq up 0.03%

(Updates to afternoon trading)

By Caroline Valetkevitch

NEW YORK, Jan 31 (Reuters) - The S&P 500 and Dow were

slightly lower on Friday, with indexes losing ground in

afternoon trading after the White House said U.S. President

Donald Trump will implement on Saturday tariffs of 25% on

Canadian and Mexican imports and 10% on Chinese goods with

immediate effect.

Investors have been bracing for further tariff news after

Trump has repeatedly warned about using the measure.

Reuters earlier quoted sources familiar with the tariff

deliberations as saying that Trump would announce tariffs on

Canadian and Mexican imports on Saturday but delay collection of

the duties until March 1.

Earlier in the session, economic data reinforced

expectations that the Federal Reserve would keep interest rates

unchanged for longer.

U.S. prices increased as expected in December, while

consumer spending surged.

"Clearly, it makes total sense that the Fed didn't do

anything this week, and it makes sense (Fed Chair) Jay Powell

would say they're not in a hurry to lower rates," said Scott

Wren, senior global market strategist at Wells Fargo Investment

Institute in St. Louis, Missouri.

The Dow Jones Industrial Average fell 257.03 points,

or 0.57%, to 44,625.10, the S&P 500 lost 13.92 points, or

0.23%, to 6,057.25 and the Nasdaq Composite gained 6.06

points, or 0.03%, to 19,687.81.

The Fed left rates unchanged in its policy announcement on

Wednesday.

Traders kept their bets on the Fed waiting until June to

resume rate cuts at 70% after the data was released, futures

that settle to the central bank's policy rate showed.

Apple ( AAPL ) was last down slightly. It was up earlier in

the session after upbeat executive comments in its earnings on

Thursday, in a sign the company expects to recover from a dip in

iPhone sales as it rolls out AI features.

Chevron ( CVX ) shares fell after the company reported

fourth-quarter earnings below estimates.