US stocks close lower, post weekly losses

US stocks closed Friday in the red, recording weekly losses amid renewed trade as the outlook for the world's largest economy became increasingly turbulent amid rising debt levels and budget deficit. 

The Dow Jones Industrial Average dropped 0.61%, or 256 points, to settle at 41,603 points, with weekly losses of 2.47%.

The S&P 500 index fell 0.67% to 5,802 points, recording weekly losses of 2.61%.

Similarly, Nasdaq Composite retreated 1% to close at 18,737 points.

As for European markets, the STOXX Europe 600 inched down 0.95% to 545 points.

The French CAC 40 index lost 1.65% to 7,734 points. The British FTSE index retreated 0.25% to 8,717 points, and the German DAX index was down 1.55% to 23,629 points.

Meanwhile, the Nikkei index rose 0.45% to 37,160 points, and the broader Topix index jumped 0.70% to 2,735 points.

Brent crude futures for July delivery leapt 0.54%, or $0.34, to $64.78 per barrel. The US West Texas Intermediate (WTI) crude futures for July delivery also increased 0.54%, or $0.33, to $61.53 per barrel. Both contracts recorded weekly losses of 0.96% and 0.71%, respectively.

Regarding gold, futures prices for June delivery leapt 2.14%, or $70.8, to $3,365.80 per ounce, with a weekly gain of 5.6%.

Global markets were affected by trade tensions after Trump threatened today to impose a 50% tariff on the European Union in early June, citing stalled trade negotiations with the bloc.

Additionally, he hinted at imposing a 25% tariff on iPhones produced by Apple outside of the US, in an attempt to pressure the company to localize its operations.