S&P 500 futures fell and the dollar gained after the US suggested higher tariff rates on most trading partners. The loonie dropped after the US threatened a 35% tariff on some Canadian goods, to take effect from Aug. 1. That's an increase from the current 25% tariff imposed on imports that aren't shipped under the terms of the US-Mexico-Canada Agreement.

Copper prices on the London Metal Exchange are on track for their steepest weekly loss since early April. The US plans to impose 50% import tariffs on copper imports, which are set to include the kinds of materials used for power grids, the military, and data centers. Oil steadied after falling more than 2% on Thursday.

The S&P 500 hit a fresh record, approaching 6,300, as traders welcomed some upbeat outlooks ahead of the official start of earnings season next week. US Treasuries ended mixed, paring earlier losses, after the 30-year bond auction drew solid demand. The dollar wavered.

Volatility in Brazilian assets soared as traders rushed to assess the endgame of the US threat to impose 50% tariffs on all goods from the nation. Hong Kong authorities intervened for the fourth time in two weeks to prevent the city's currency from weakening beyond its official trading band.

Oil futures sank as the escalating global trade war and the possibility that OPEC+ may halt output hikes flashed warning signs for energy demand.