The S&P 500 and Nasdaq Composite ended largely unchanged on Friday, having dipped earlier after a Financial Times report indicated the U.S. President was pushing for steep new tariffs on European Union products. The FT report, which said the 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 lost 1.16 points, or 0.02%, to end at 6,296.20 points, while the Nasdaq Composite .IXIC gained 9.33 points, or 0.05%, to 20,894.98. The Dow Jones Industrial Average .DJI 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.
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 fell 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, more than 81.4% have topped Wall Street’s earnings expectations, according to LSEG I/B/E/S data. Charles Schwab SCHW.N was among the latest on Friday, advancing after posting higher profits. Regions Financial RF.N 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 outpaced second-quarter profit estimates, but its shares dropped. Netflix NFLX.O 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 and Coinbase Global COIN.O , 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 was the biggest gainer. Energy .SPNY led those in the red. It was weighed down by SLB SLB.N , which dropped after reporting lower quarterly profit and a downbeat outlook, and Exxon Mobil XOM.N , which slumped after losing a landmark legal battle over Chevron’s CVX.N acquisition of Hess.
Reporting by Pranav Kashyap in Bengaluru and David French in New York; Editing by Maju Samuel and Rod Nickel.
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