Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.

Meta Platforms, Tesla and most other U.S. stocks are rising Thursday following a rush of profit reports from some of the country’s most influential companies.

Meta Platforms and most other U.S. stocks are rising Thursday following a rush of profit reports from some of the country’s most influential companies, but drops for Nvidia and Microsoft are keeping the market in check.