U.S. stocks are down in morning trading Friday, pulling the market back from all-time highs, as the Trump administration escalates its tariff threats against Canada.
The S&P 500 was down 0.4% a day after setting a record high. The benchmark index is on pace to post its first weekly loss in three weeks.
The Dow Jones Industrial Average fell 279 points, or 0.6%, as of 11:06 a.m. Eastern time, and the Nasdaq composite was 0.2% lower a day after climbing to an all-time high. Both indexes are also headed for weekly losses.
Bond yields rose. The yield on the 10-year Treasury rose to 4.40%, from 4.34% late Thursday.
Trump said in a letter Thursday that he will raise taxes on many imported goods from Canada to 35%, deepening the rift between the longtime North American allies. The letter to Canadian Prime Minister Mark Carney is an aggressive increase to the