Gap says Trump’s tariffs could cost the company a whopping $300 million, sending shares into a tailspin

NEW YORK (AP) — Wall Street is giving back some of its winning week and month on Friday following a mixed set of profit reports from Gap, Ulta Beauty and other companies navigating the challenges created by President Donald Trump’s on-and-off tariffs.

The S&P 500 was down 0.4% in early trading. The Dow Jones Industrial Average was down 119 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% lower.

Gap helped drag the market down even though...