Trump Looking for Higher Tariffs from EU, Stocks Dwindle Friday

The Dow Jones Industrial Average slid Friday after President Donald Trump reportedly pushed for greater tariffs on the European Union.The 30-stock index stumbled 142.3 points to finish off the week at 44,342.19The much-broader index hesitated 0.57 points to 6,296.79.The NASDAQ Composite edged ahead 10.01 points to 20,895.66. The S&P 500 rose 0.5% and the NASDAQ poked ahead 1.4%, on the week. The Dow was slightly lower on the week. Trump is demanding a minimum tariff of between 15% and 20% in any deal with the EU, the Financial Times reported, citing three people briefed on the talks. The EU is attempting to reach a trade deal with the U.S. ahead of Trump’s Aug. 1 deadline, when Trump has vowed to begin implementing 30% tariffs on the bloc.Data released Friday reflected a drop in consumers’ fears about tariff-induced inflation down to their lowest levels since February. The University of Michigan’s Survey of Consumers for July reflected overall consumer sentiment rose 1.8% from June to 61.8, coming out exactly in line with the estimate and at the highest level since February.Major U.S. stock indexes are heading towards a winning week, lifted by data releases pointing to a strong U.S. economy and a slew of better-than-expected corporate earnings results. The S&P 500 is up 0.8% this week, while the NASDAQ has moved up 1.8%, and Dow has advanced 0.2%. On the earnings front, shares of Netflix slid 4%, despite posting an bottom-line beat on Thursday. Shares of 3M were also down slightly even after the company exceeded analysts’ estimates on top and bottom lines. With 12% of S&P 500 companies reporting results so far, 83% have beaten estimates. On Thursday, PepsiCo and United Airlines shares both popped after the respective companies beat analyst estimates on earnings. Those follow solid results from big banks like JPMorgan and Goldman Sachs earlier in the week.Prices for the 10-year treasury climbed, pushing yields down to 4.42% from Thursday’s 4.46%. Treasury prices and yields move in opposite directions. Oil prices lost 18 cents to $67.36 U.S. a barrel. Gold prices advanced nine dollars to $3,351.30 U.S. an ounce.