All three major US stock indexes were down in late-morning trading Friday after President Donald Trump shared on Truth Social that he sent a letter to Canadian Prime Minister Mark Carney informing him that the US will raise tariffs on the country to 35%, effective Aug. 1.

In company news, Performance Food Group (PFGC) has drawn takeover interest from US Foods (USFD) for a potential deal that would establish a food distribution company with about $100 billion of combined sales, Bloomberg reported Friday, citing people familiar with the matter. Performance Food shares were up 5.7% around midday, while those of US Foods were up 0.7%.

Levi Strauss (LEVI) reported late Thursday fiscal Q2 adjusted earnings of $0.22 per diluted share, up from $0.16 a year earlier and above the FactSet consensus analyst estimate of $0.13. Fiscal Q2 net revenue was $1.45 billion, up from $1.36 billion a year earlier and above the FactSet consensus of $1.37 billion. For fiscal 2025, the company now expects adjusted EPS of $1.25 to $1.30, up from its previous guidance of $1.20 to $1.25. Analysts polled by FactSet expect $1.23. The jeans-maker also raised its full-year net revenue growth guidance to 1% to 2% from a decline of 1% to 2%. Levi shares were up 11%.

Delta Air Lines (DAL) has been removing Pratt & Whitney engines from new Airbus jets in Europe and shipping them back to the US for use in grounded aircraft, Bloomberg reported Friday, citing people familiar with the matter. The move allows Delta to deal with a shortage while avoiding aircraft import tariffs, the report said. Delta shares were down 2.2%.

Boyd Gaming (BYD) said Thursday it has agreed to sell its 5% equity stake in FanDuel to Flutter Entertainment (FLUT) for $1.76 billion in cash. The deal is expected to close in Q3. Boyd shares were down 0.1%, while those of Flutter were flat.

Nvidia (NVDA) Chief Executive Jensen Huang sold 225,000 company shares this week in three installments for a total of $36.4 million, according to filings with the US Securities and Exchange Commission. The three sales were for 75,000 shares each and came on Monday, Tuesday and Wednesday. Huang has now made 10 sales of 75,000 shares since June 25. Nvidia shares were up 1.5%.

Price: 95.63, Change: +5.24, Percent Change: +5.79