NEW YORK (AP) — Stocks are slipping on Wall Street Thursday after President Donald Trump’s latest tariffs took effect on dozens of countries.

The S&P 500 fell by 0.5% after climbing earlier in the day to the edge of its record, which was set late last month. The Dow Jones Industrial Average was down 366 points, or 0.8%, as of 2:26 p.m. Eastern time, and the Nasdaq composite was 0.3% lower.

Worries are high that Trump’s tariffs are damaging the economy , particularly after last week’s worse-than-expected report on the job market . But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports from big U.S. companies are helping to offset the concerns, at least for now. Lower interest rates can give the economy and investment

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