S&P, Nasdaq end flat after report of Trump mulling tariffs against Europe
The FT report, which said the Trump administration was eyeing a minimum tariff of between 15% and 20% in any deal with the European bloc, sent markets lower before they partly recovered.
According to preliminary data, the S&P 500 (.SPX), opens new tab lost 1.16 points, or 0.02%, to end at 6,296.20 points, while the Nasdaq Composite (.IXIC), opens new tab gained 9.33 points, or 0.05%, to 20,894.98. The Dow Jones Industrial Average (.DJI), opens new tab fell 142.40 points, or 0.32%, to 44,342.09.
Both the S&P 500 and Nasdaq have been pushed to repeated record highs in recent weeks, as investors showed increased ambivalence to Trump's tariff threats, and confidence these policies may not damage the U.S. economy as severely as once feared.
Still, this week was seen as a proving ground for how Trump's economic policies are filtering into the wider economy.
A raft of economic data offered mixed signals, including robust retail sales, a rise in consumer inflation, and flat producer prices for June.
The University of Michigan's Consumer Sentiment Index increased this month, although consumers were still worried about future price pressures.
Earnings season kicked off this week, giving an opportunity to U.S. corporations to showcase how tariffs were, or were not, affecting their businesses.
Industrial giant 3M (MMM.N), opens new tab fell after the company said the impact of tariffs will mostly be felt in the second half of the year.
"People are a little tired of trying to trade tariff headlines or deadlines, and people are more concerned with seeing the proof of this come to fruition through numbers," said Greg Boutle, head of U.S. equity and derivative strategy at BNP Paribas.
Of the 59 S&P 500 companies to first report second-quarter earnings this season, more than 81.4% have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data.
Charles Schwab (SCHW.N), opens new tab was among the latest on Friday, advancing after posting higher profits. Regions Financial (RF.N), opens new tab jumped after raising its forecasts for 2025 interest income.
The week has shown, though, that beating estimates is not a recipe for trading higher. American Express (AXP.N), opens new tab outpaced second-quarter profit estimates, but its shares dropped.
Netflix (NFLX.O), opens new tab fell despite the success of "Squid Game" helping the company surpass earnings forecasts. The streaming company also lifted its annual revenue outlook.
Elsewhere, cryptocurrency stocks, including Robinhood Markets (HOOD.O), opens new tab and Coinbase Global (COIN.O), opens new tab, rose after the U.S. House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies.
Of the S&P sectors in positive territory, utilities (.SPLRCU), opens new tab was the biggest gainer.
Energy (.SPNY), opens new tab led those in the red. It was weighed down by SLB (SLB.N), opens new tab, which dropped after reporting lower quarterly profit and a downbeat outlook, and Exxon Mobil (XOM.N), opens new tab, which slumped after losing a landmark legal battle over Chevron's (CVX.N), opens new tab acquisition of Hess.
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