The Dow Jones is in the red on Friday after President Trump raised his tariff letter count to 23, this time hitting Canada, one of the U.S.’s largest trading partners, with a 35% levy. Trump had previously provided the country with a 25% reciprocal tariff on April 2.
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“If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” said Trump, adding that the tariff could also be adjusted based on Canada’s relationship with the U.S.
At the same time, a majority of Canada’s goods sent to the U.S. may still be able to escape tariffs under the United States-Mexico-Canada Agreement (USMCA).
“Other U.S. tariff measures on steel and aluminum products, and on motor vehicles still apply, but we estimate roughly 86% of Canadian exports should ultimately be able to access the U.S. market duty free under current trade rules,” said Royal Bank of Canada (RY) in a June macroeconomic outlook report.
Trump has also threatened to impose a 15% or 20% blanket tariff, up from his initial 10% rate. “We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%,” he said in an interview with NBC. “We’ll work that out now.” He added that his tariffs have not pushed inflation higher and that the stock market hasn’t reacted negatively to them.
The Dow Jones is down by 0.64% at the time of writing.
Which Stocks are Moving the Dow Jones?
Let’s pivot to TipRanks’ Dow Jones Heatmap, which illustrates the stocks that have contributed to the index’s price action.
Four of the six technology stocks within the index are trading lower, although Nvidia (NVDA) is bucking the trend. The semiconductor leader secured another all-time high of $167.89 on Friday. Meanwhile, all five financial stocks are trading lower, led by Visa’s (V) loss of over 2%.
Like Nvidia, Amazon (AMZN) is lifting the index higher. Today marks the last day of the e-commerce leader’s Prime Day sale. In addition, Morgan Stanley (MS) hiked its AMZN price target to $300 from $250.
Elsewhere, the healthcare sector is falling while the Dow Jones’ lone energy stock, Chevron (CVX), is in the green on higher oil futures.
DIA Stock Moves Lower with the Dow Jones
The SPDR Dow Jones Industrial Average ETF (DIA) is an exchange-traded fund designed to track the movement of the Dow Jones. As a result, DIA is falling alongside the Dow Jones today.
Wall Street believes that DIA stock has room to rise. During the past three months, analysts have issued an average DIA price target of $470.42, implying upside of 6.05% from current prices. The 31 stocks in DIA carry 30 buy ratings, 1 hold rating, and zero sell ratings.