(Adds final price moves, details on earnings reports next week,

market details after close)

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Levi Strauss gains after hiking forecasts

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Trump hits Canada with 35% tariff

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Investors await quarterly earnings

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S&P 500 -0.33%, Nasdaq -0.22%, Dow -0.63%

By Noel Randewich, Pranav Kashyap

July 11 (Reuters) - Wall Street ended lower on Friday,

with Meta Platforms ( META ) weighing on the S&P 500 after

President Donald Trump intensified his tariff offensive against

Canada, amplifying the uncertainty swirling around U.S. trade

policy.

Trump late on Thursday ramped up his tariff assault on Canada,

saying the U.S. would impose a 35% tariff on imports next month

and planned to impose blanket tariffs of 15% or 20% on most

other trading partners.

The S&P 500 eased from a record high the day before, with

caution prevailing after Trump on Thursday imposed 50% tariffs

on Brazil and as the European Union braced for a possible letter

from Trump with details on fresh tariffs.

"The increased rhetoric around tariffs, what we've seen

this week regarding Brazil and Canada, is certainly elevating

the anxiety level," said Michael James, an equity sales trader

at Rosenblatt Securities. "People had become a little more

accustomed to the lack of negative tariff headlines, and we've

kind of been reminded that the tariff picture is still there."

Shares of Nvidia ( NVDA ) rose 0.5% to a record high,

lifting its stock market value to $4.02 trillion.

Drone makers AeroVironment ( AVAV ) and Kratos Defense &

Security Solutions jumped about 11% after U.S. Defense

Secretary Pete Hegseth ordered a surge in drone production and

deployment.

The S&P 500 declined 0.33% to end the session at 6,259.75

points.

The Nasdaq declined 0.22% to 20,585.53 points, while the Dow

Jones Industrial Average fell 0.63% to 44,371.51 points.

Volume on U.S. exchanges was relatively light, with 15.4

billion shares traded, compared with an average of 18.3 billion

shares over the previous 20 sessions.

For the week, the S&P 500 dipped 0.3%, the Dow lost about 1%

and the Nasdaq slipped 0.1%.

The S&P 500 is up about 6% so far in 2025.

Investors will soon turn their attention to second-quarter

reporting season, with a focus on how Trump's on-again off-again

tariffs are affecting major U.S. companies. Among the big names

reporting results next week are JPMorgan ( JPM ), Netflix ( NFLX )

and Johnson & Johnson ( JNJ ).

Analysts on average expect S&P 500 companies to increase

their second-quarter earnings by 5.7%, year over year, with big

gains from tech companies and declining profits in energy,

consumer staples and consumer discretionary, according to LSEG

I/B/E/S.

"We believe expectations are a bit low for S&P 500 earnings.

Much of the second quarter was marked with tariff and trade

issues and that may have caused some dislocations in earnings,"

said Michael Landsberg, chief investment officer, Landsberg

Bennett Private Wealth Management.

Levi Strauss & Co ( LEVI ) jumped 11% after the apparel seller

raised its annual revenue and profit forecasts and beat

quarterly estimates.

Meta Platforms ( META ) shares closed 1.3% lower after Reuters reported

that the company is very unlikely to offer more changes to its

pay-or-consent model, increasing the risk of fresh EU antitrust

charges and hefty daily fines.

Kraft Heinz ( KHC ) closed 2.5% higher after the Wall Street

Journal reported the company is preparing to break itself up as

the packaged food maker grapples with persistent weakness in

demand for its higher-priced brands.

Across the U.S. stock market, declining stocks

outnumbered rising ones by a 2.8-to-one ratio.

The S&P 500 posted 12 new highs and 4 new lows; the Nasdaq

recorded 58 new highs and 43 new lows.