S&P 500, Nasdaq Pull Back from New Highs
The S&P 500 briefly hit an all-time high before flattening in the afternoon, while the Nasdaq dipped 0.2%, after reports that President Trump pushed for higher tariffs on the European Union as investors balanced strong economic data with corporate earnings.
The Dow Jones fell over 200 points, dragged down by a nearly 3% drop in American Express shares. Trump reportedly demands a minimum 15-20% tariff in any EU deal, with the EU aiming to finalize a trade agreement before Trump’s Aug. 1 deadline. On the corporate front, Netflix shares fell 4.8% despite beating revenue and earnings expectations.
Meanwhile, Charles Schwab rose 2.1% on strong earnings, and Chevron gained 1.5% after completing its $53 billion Hess acquisition. The University of Michigan’s July survey showed higher consumer confidence and a drop in one-year inflation expectations to 4.4%, the lowest since February. For the week, the S&P 500 is up 0.8%, Nasdaq 1.8%, and Dow 0.2%.
Source: Trading Economics
