NEW YORK, July 24 (Xinhua) -- U.S. stocks ended mixed on Friday as investors assessed a new set of global tariffs against a backdrop of AI jitters, rising oil prices, and elevated bond yields.
The Dow Jones Industrial Average rose 0.46 percent to 51,947.25. The S&P 500 added 0.05 percent to 7,411.98. The Nasdaq Composite Index shed 0.64 percent to 24,975.82.
Ten of the 11 primary S&P 500 sectors ended in the green, with real estate and materials leading the gainers by going up 2.36 percent and 1.44 percent, respectively. Meanwhile, technology bucked the trend by falling 0.88 percent.
Even with Friday's modest gains, the major indexes registered weekly losses after the "Magnificent Seven" stocks collectively shed nearly 800 billion U.S. dollars in market value on Thursday amid a sell-off sparked by ballooning AI spending.
The United States imposed tariffs of 10 percent to 12.5 percent on imported goods from dozens of economies starting Friday, citing Section 301 of the Trade Act of 1974. The new trade measures took effect just as temporary 10-percent worldwide tariffs expired the same day at 12:01 a.m. The administration of U.S. President Donald Trump had turned to those temporary levies after the Supreme Court struck down his broader tariff initiatives in February.
Meanwhile, S&P Global's flash purchasing managers' index showed that U.S. business activity expanded at the fastest pace in eight months in July, boosted by the FIFA World Cup.
On the corporate front, Intel shares fell nearly 8 percent on Friday despite the company's second-quarter results exceeding Wall Street's expectations. Verizon Communications and NextEra Energy reported earnings that beat expectations but missed revenue estimates.
American Express shares slipped more than 4 percent as investors focused on an unchanged profit outlook, although the credit card provider raised its 2026 revenue forecast on Friday because its affluent customers continued to spend on travel, entertainment and dining.
JPMorgan strategists warned that the broader 2026 earnings boom risks being cut short amid tightening profit margins and elevated spending pressures. "Earnings upgrades are plentiful, but the trend in revisions suggests the fuel may be running low," wrote analysts led by Khuram Chaudry in a note on Thursday.
