Wall Street ended lower Friday, with Meta Platforms weighing on the S&P 500 after President Donald Trump intensified his tariff offensive against Canada, amplifying the uncertainty swirling around U.S. trade policy.

Trump late on Thursday ramped up his tariff assault on Canada, saying the U.S. would impose a 35% tariff on imports next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners.

The S&P 500 eased from a record high the day before, with caution prevailing after Trump on Thursday imposed 50% tariffs on Brazil and as the European Union braced for a possible letter from Trump with details on fresh tariffs.

"The increased rhetoric around tariffs, what we've seen this week regarding Brazil and Canada, is certainly elevating the anxiety level," said Michael James, an equity sales trader at Rosenblatt Securities. "People had become a little more accustomed to the lack of negative tariff headlines, and we've kind of been reminded that the tariff picture is still there."

Shares of Nvidia hit an intraday record high. Drone makers AeroVironment and Kratos Defense & Security Solutions jumped after U.S. Defense Secretary Pete Hegseth ordered a surge in drone production and deployment.

According to preliminary data, the S&P 500 lost 21.62 points, or 0.34%, to end at 6,258.84 points, while the Nasdaq Composite lost 48.44 points, or 0.23%, to 20,582.23. The Dow Jones Industrial Average fell 291.06 points, or 0.65%, to 44,359.58.

Investors will soon turn their attention to second-quarter reporting season, with a focus on how Trump's on-again off-again tariffs are affecting major U.S. companies.

Analysts on average expect S&P 500 companies to increase their second-quarter earnings by 5.7%, year over year, with big gains from tech companies and declining profits in energy, consumer staples and consumer discretionary, according to LSEG I/B/E/S.

"We believe expectations are a bit low for S&P 500 earnings. Much of the second quarter was marked with tariff and trade issues and that may have caused some dislocations in earnings," said Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management.

Levi Strauss & Co jumped after the apparel seller raised its annual revenue and profit forecasts and beat quarterly estimates. Meta Platforms fell after Reuters reported that the company is very unlikely to offer more changes to its pay-or-consent model, increasing the risk of fresh EU antitrust charges and hefty daily fines.

Kraft Heinz closed higher after The Wall Street Journal reported the company is preparing to break itself up as the packaged food maker grapples with persistent weakness in demand for its higher-priced brands.