Stocks in the US closed near the flatline on Friday as investors weighed President Trump's push for higher tariffs on the European Union against strong economic data and corporate earnings.
The S&P 500 and Nasdaq 100 finished mostly muted near their records, while the Dow Jones dropped 142 points, pressured by a 2.2% decline in American Express shares. Trump reportedly demands a minimum 15-20% tariff in any deal with the EU, which is working to finalize an agreement before his August 1 deadline.
On the corporate front, Netflix shares fell 5.1% despite beating revenue and earnings estimates, while Charles Schwab rose 3% on strong results and Chevron gained 1% after completing its $53 billion acquisition of Hess.
The University of Michigan's July survey showed rising consumer confidence and a drop in one-year inflation expectations to 4.4%, the lowest since February. For the week, the S&P 500 and Nasdaq rose 0.5% and 1.4%, respectively, while the Dow ended slightly lower.
Source: Trading Economi
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