The Trump administration announced plans to impose a 35% tariff on goods imported from Canada, causing several stocks to fall in the afternoon session. This move has raised concerns about retaliatory actions and its impact on the North American economy, leading to a risk-off sentiment among investors. The S&P 500, Dow Jones Industrial Average, and Nasdaq all opened lower, heading for their first weekly loss in three weeks. Among the affected stocks, PENN Entertainment saw a 6.4% decrease since the beginning of the year, currently trading 20.8% below its 52-week high of $22.73. Investors may see this as an opportunity to buy high-quality stocks.

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