The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.
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.
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The S&P 500 (.SPX), opens new tab lost 0.57 points, or 0.01%, to 6,296.79, and the Nasdaq Composite (.IXIC), opens new tab gained 10.01 points, or 0.05%, to 20,895.66. The Dow Jones Industrial Average (.DJI), opens new tab fell 142.30 points, or 0.32%, to 44,342.19.
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.
"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.
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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.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 17, 2025. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
Industrial giant 3M (MMM.N), opens new tab fell 3.7% after the company said the impact of tariffs will mostly be felt in the second half of the year.
Of the 59 S&P 500 companies to first report second-quarter earnings this season, 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 2.9% after posting higher profits. Regions Financial (RF.N), opens new tab jumped 6.1% after raising its forecasts for 2025 interest income.
