Canada Retaliatory Tariffs on U.S. Goods Take Effect 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
UK House Prices Fall for First Time Since 2023 
China Inflation Accelerates in August as CPI, PPI Rise 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Asian Stocks Mixed as Korean Chipmakers Rally 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Gold Prices Rise as Yen Rally Weakens Dollar 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China to Inject $45 Billion Into State Financial Institutions 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Add as a preferred source on Google
The S&P 500 closed lower Friday in a sharp reversal after the White House confirmed that tariffs on Mexico, Canada, and China would take effect Saturday. The Dow Jones fell 337 points (-0.8%), the S&P 500 dropped 0.5%, and the Nasdaq slid 0.3%, despite trading over 1% higher earlier in the day.
White House Press Secretary Karoline Leavitt confirmed the U.S. will impose 25% tariffs on Mexican and Canadian goods and 10% on Chinese imports. Investors had hoped for a last-minute reversal of the decision, which caused uncertainty in the markets. Macquarie analysts had previously speculated that tariffs on Mexico and Canada wouldn’t take effect on February 1.
Meanwhile, inflation surged in December, with the PCE price index, the Federal Reserve’s preferred measure, rising 0.3% month-over-month and 2.6% annually. Core PCE, excluding food and energy, increased 2.8% year-over-year. Personal spending also climbed 0.7%, surpassing forecasts of 0.5%, driven by a strong labor market and wage growth. The Fed, which left interest rates unchanged this week, continues to monitor inflationary trends.
In corporate news, Apple (NASDAQ: AAPL) closed lower despite forecasting sales growth in the low- to mid-single digits for Q2. Exxon Mobil (NYSE: XOM) dipped 2.5% despite exceeding Q4 profit estimates. Colgate-Palmolive (NYSE: CL) lost 4.6% after missing revenue expectations. AbbVie (NYSE: ABBV) jumped 5% on strong immunology drug sales, while Deckers Outdoor (NYSE: DECK) plummeted 20% following weak revenue guidance.
Market uncertainty persists as traders react to tariff concerns, inflation data, and earnings reports.
