Adds latest stock moves, comment from trader, market details

By Noel Randewich, Pranav Kashyap

July 11 (Reuters) - The S&P 500 dipped from record highs on Friday, with Meta Platforms META.O losing ground 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.

Caution also prevailed 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 NVDA.O climbed over 1% to a record high, extending the AI chipmaker's stock market value to $4.05 trillion.

Drone makers AeroVironment AVAV.O and Kratos Defense & Security Solutions KTOS.O jumped about 11% after U.S. Defense Secretary Pete Hegseth ordered a surge in drone production and deployment.

The S&P 500 on Thursday hit a record high, and the index is up about 6% so far in 2025.

The S&P 500 was last down 0.22% at 6,266.62 points.

The Nasdaq gained 0.03% to 20,637.08 points, while the Dow Jones Industrial Average was down 0.59% at 44,388.38 points.

Of the 11 S&P 500 sector indexes, nine declined, led lower by healthcare .SPXHC, down 1.07%, followed by a 0.99% loss in financials .SPSY.

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.

"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 LEVI.N jumped 11% after the apparel seller raised its annual revenue and profit forecasts and beat quarterly estimates.

Meta Platforms fell 1.2%. Reuters reported that Meta 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.

Across the U.S. stock market .AD.US, declining stocks outnumbered rising ones by a 2.8-to-one ratio.

The S&P 500 posted 10 new highs and 4 new lows; the Nasdaq recorded 50 new highs and 36 new lows.

(Reporting by Pranav Kashyap and Nikhil Sharma in Bengaluru, and by Noel Randewich in San Francisco; Editing by Saumyadeb Chakrabarty, Shinjini Ganguli and Matthew Lewis)

((noel.randewich@thomsonreuters.com))