• Indexes on Friday: Dow down 0.32%, S&P 500 and Nasdaq flat
• For the week: Dow down 0.07%, S&P 500 up 0.6%, Nasdaq up 1.5%
• Netflix raises 2025 revenue guidance but shares fall
• Crypto stocks up as House passes stablecoin legislation
• Exxon drops after losing Hess legal battle

July 18 (Reuters) - 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.

Sign up here.

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.

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) , 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.

The week has shown, though, that beating estimates is not a recipe for trading higher. American Express (AXP.N) , opens new tab outpaced second-quarter profit estimates, but its shares dropped 2.3%.

Netflix (NFLX.O) , opens new tab fell 5.1% despite the success of "Squid Game" helping the company surpass earnings forecasts. The streaming company also lifted its annual revenue outlook.

BNP's Boutle said while not all individual stocks popped from earnings, the broader market has continued to grind higher. More meaningful market gains could come, he added, should some major companies deliver blowout numbers.

Cryptocurrency stocks rose after the U.S. House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets (HOOD.O) , opens new tab and Coinbase Global (COIN.O) , opens new tab were up 4.1% and 2.2%, respectively.

Of the S&P sectors in positive territory, utilities (.SPLRCU) , opens new tab was the biggest gainer. Its 1.7% advance pushed the index to a record close.

Energy (.SPNY) , opens new tab led those in the red, falling 1%. It was weighed down by SLB (SLB.N) , opens new tab, which dropped 3.9% after reporting lower quarterly profit and a downbeat outlook, and Exxon Mobil (XOM.N) , opens new tab, which slumped 3.5% after losing a landmark legal battle over Chevron's (CVX.N) , opens new tab acquisition of Hess.

For the week, the S&P 500 gained 0.59%, the Nasdaq rose 1.5%, and the Dow slipped 0.07%.

https://www.reuters.com/business/sp-nasdaq-end-subdued-note-after-brief-dip-latest-trump-tariff-rumbling-2025-07-18/