Wall Street's major averages were beat up on Friday, ending in the red, as President Donald Trump slapped a 35% tariff on Canada and threatened to impose more tariffs across the board. For the week, markets ended slightly lower after posting back-to-back record closes as market participants juggled Trump's tariff announcements against a healthy appetite for technology and growth stocks. The S&P ( SP500 ) on Friday closed -0.3% at 6,259.75 points, the tech-heavy Nasdaq Composite ( COMP:IND ) seesawed but ended -0.2% at 20,585.53 points, and the blue-chip Dow Jones ( DJI ) finished -0.6% at 44,371.51 points. Week-to-date, the indices were -0.3% , -0.1% , and -1% , respectively. Trump announced on Thursday a 35% tariff on Canada and warned about further hikes if Ottawa decided to respond. These levies are expected to take effect Aug. 1, according to a letter posted on his Truth Social account. In addition, Trump said he would impose blanket tariffs of 15-20% on other remaining countries. “Equity markets were a nothingburger all week at index level. All manner of analysis suggests that equities ‘should’ put in a short-term correction around now. Price does not, thus far, agree, with the ascent from the April lows continuing to confound fundamentalists everywhere,” Alex King, investing group leader of Cestrian Capital Research , told Seeking Alpha. Over in the bond market, the 10-year Treasury yield ( US10Y ) rose 7 basis points to 4.42%, while the 2-year yield ( US2Y ) rose 1 basis point to 3.90%. On Friday's economic calendar, the monthly Treasury Statement budget showed an unexpected surplus of $27B in June, when it was expected to be in deficit by $41.5B. Meanwhile, bitcoin ( BTC-USD ) surged to a new all-time high on Friday, fueled by growing institutional interest and supportive signals from the Trump administration. “The big winners this week have been Bitcoin and Ether, the latter of which is quietly going mainstream under the guise of Everything Is Token. We believe both will trend higher even if equities do, one day, take a breather,” King said. The focus will shift slightly from tariffs and trade developments to the second quarter U.S. earnings season, which kicks off next week with reports from major banks. More on markets: Back-To-Back Bulls Crowding Out The Private Sector How I'm Managing My Portfolio In Response To The "Big Beautiful Bill" & Tariff Uncertainty