NEW YORK, July 31 (Xinhua) -- U.S. stocks ended lower on Thursday, as investors eyed the approaching deadline for U.S. President Donald Trump's tariffs.
The Dow Jones Industrial Average fell 330.3 points, or 0.74 percent, to 44,130.98. The S&P 500 sank 23.51 points, or 0.37 percent, to 6,339.39. The Nasdaq Composite Index shed 7.23 points, or 0.03 percent, to 21,122.45.
Nine of the 11 primary S&P 500 sectors ended in red, with health and real estate leading the laggards by losing 2.79 percent and 1.73 percent. Meanwhile, communication services and utilities led the gainers by going up 2.08 percent and 0.59 percent, respectively.
The stocks trimmed earlier gains Thursday afternoon as Trump confirmed the tariffs will take effect Friday, coinciding with the rollout of several new trade agreements. Trump also announced a 90-day extension of current tariff rates with Mexico.
Meanwhile, the U.S. personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation, showed price growth accelerated in June, keeping inflation above the central bank's 2 percent target. The data came one day after the Fed opted to keep interest rates unchanged, with two members of the committee dissenting from the decision.
These developments partially overshadowed a strong earnings showing from the tech sector. Meta shares surged more than 11 percent on Thursday after the company beat earnings expectations and issued upbeat guidance, despite heavy investment in artificial intelligence.
"These market reactions -- despite strong earnings, capex, and buyback activity -- are becoming increasingly difficult to justify," said Joseph Cusick, senior vice president and portfolio manager at Calamos Investments. "At the same time, downside moves have been relatively contained."
Amazon rose 1.7 percent ahead of its earnings report due after the bell, while Apple was down 0.71 percent. Other major tech names were mixed: Broadcom and Tesla each fell around 3 percent, Alphabet declined 2.32 percent, and Nvidia slipped 0.78 percent. ■