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US stocks end lower

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Canadian dollar dips after Trump announces tariffs

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Bitcoin hits record high, gold strong

(Updates with closing US market levels)

By Caroline Valetkevitch and Chibuike Oguh

NEW YORK, July 11 (Reuters) - Major stock indexes were

slightly lower on Friday as U.S. President Donald Trump's

announcement of tariffs on imports from Canada fanned worries

about trade tensions, with the Canadian dollar down against the

greenback.

Investors were also bracing for an announcement from Trump

on tariffs on the European Union, a move that will likely

trigger a tit-for-tat response from the bloc and inject fresh

market uncertainty.

Trump said late on Thursday the U.S. would impose a 35%

tariff on Canadian imports next month and planned to impose

blanket tariffs of 15% or 20% on most other trading partners.

Aside from in currency markets, reactions to the tariff news

have been milder than in April, when Trump launched his trade

war. But that may change if more progress is not made on tariffs

soon, said Jake Dollarhide, CEO of Longbow Asset Management in

Tulsa, Oklahoma.

"I don't think the market can take the forever Trump tariffs

on repeat. It's been remarkable the market has been so resilient

in the face of the tariffs and all of the changing rules,

changing rates, and the pauses, delays, extensions and

surprises," he said.

"The market may have another tariff meltdown much like April

if we don't get more results."

Still, he said, stocks could benefit from second-quarter

earnings results.

"That could be a saving grace for the markets if they start

paying attention to earnings again," Dollarhide said.

JPMorgan Chase ( JPM ) is due to release results on Tuesday,

essentially kicking off the reporting period.

The Dow Jones Industrial Average fell 279.13 points,

or 0.63%, to 44,371.51, the S&P 500 lost 20.71 points, or

0.33%, to 6,259.75 and the Nasdaq Composite fell 45.14

points, or 0.22%, to 20,585.53.

All three major U.S. stock indexes were down for the week.

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

lifting its stock market value to $4.02 trillion.

Drone maker AeroVironment ( AVAV ) rose 11% after U.S.

Defense Secretary Pete Hegseth ordered a surge in drone

production and deployment.

MSCI's gauge of stocks across the globe fell

3.85 points, or 0.42%, to 922.37. The pan-European STOXX 600

index ended down 1.01%.

"Today, you're seeing a little bit of a pullback because of

the tariffs being announced overnight. It's been three

consecutive days of after-market tariff announcements, and they

seem to be coming relatively randomly, so you don't know what

you're going to get," said Wasif Latif, chief investment officer

at Sarmaya Partners.

The Canadian dollar weakened 0.25% versus the

greenback to C$1.37 per dollar.

The dollar index, which measures the greenback

against a basket of currencies, rose 0.33% to 97.91. The euro

was down 0.15% at $1.1682.

Bitcoin hit another record high, and was last up

3.84% to $117,946.74.

Crypto investors are betting that policy wins for the

industry, expected next week, could invite new investment in the

asset class.

Earlier in the week, Trump pushed back his tariff deadline

of July 9 to August 1 for many trading partners to allow more

time for negotiations, but broadened his trade war, setting new

rates for a number of countries, including allies Japan and

South Korea, along with a 50% tariff on copper.

Copper prices slipped on Friday, with three-month copper on

the London Metal Exchange 0.4% weaker at $9,664 per

metric ton.

Spot gold rose 1% to $3,355.89 an ounce, as investors

rushed toward safe-haven assets amid the trade tensions.

U.S. Treasury yields rose as investors focused on next

week's consumer price inflation report that may show that price

growth accelerated in June.

The Federal Reserve is expected to keep interest rates on

hold as it waits to see the impact of tariffs on price

pressures.

The yield on benchmark U.S. 10-year notes was

last up 7.7 basis points at 4.423%. Interest rate-sensitive

two-year note yields climbed 4.4 basis points to

3.912%.

Oil prices rose, with the International Energy Agency saying

the market was tighter than it seems.

Brent crude futures rose $1.72, or 2.5%, to settle

at $70.36 a barrel. U.S. West Texas Intermediate crude

gained $1.88, or 2.8%, to settle at $68.45.