WEEK IN PERSPECTIVE: Tariff talk and profit taking keeps market in check

It was a mildly downbeat week on Wall Street, with major indices dipping slightly amid mounting trade tensions and inflation concerns. Here's what shaped the markets:

📌 Market Movement The week’s modest losses were capped off by Friday’s broad pullback, as investors responded to a wave of tariff announcements from Washington. Initially, the impact was limited—most targeted countries (with the exception of Japan and South Korea) aren’t major U.S. trading partners.

That narrative shifted late in the week, however, as Brazil received notice of a 50% tariff and Canada followed with a 35% rate on non-USMCA goods. The EU appears next in line, and President Trump has signaled a tariff range of 15–20% for most trading partners—well above the current 10% baseline.

💼 Investor Sentiment Despite the flurry of trade headlines, markets stayed resilient. Many participants saw these tariff threats as bargaining chips with room for negotiation before the August 1 deadline. Still, uncertainty lingered—particularly with a 50% tariff on copper and the potential for a 200% tariff on pharmaceutical imports.

⚙️ Earnings & Equity Strength Not all was gloomy—strong Q2 earnings lifted spirits. Delta Air Lines delivered better-than-expected results, and NVIDIA crossed the $4 trillion market cap threshold, reinforcing the strength of mega-cap tech.

📊 Sector Performance The S&P 500’s top performers:

• Energy: +2.5%

• Utilities: +0.8%

• Industrials: +0.6%

• Info Tech: +0.2%

• Consumer Discretionary: +0.1%

Lagging sectors:

• Financials: -1.9%

• Consumer Staples: -1.8%

• Communication Services: -1.2%

📉 Small-Cap & Mid-Cap Take a Hit Early gains among small- and mid-cap names faded by Friday, with both the Russell 2000 and S&P Midcap 400 ending the week lower.

💵 Treasuries & Currency Check The bond market held firm until Friday, when curve-steepening pressures emerged. The 10-year Treasury closed at 4.41%, and the 2-year at 3.91%, amid speculation that tariff escalation may force the Fed into a holding pattern. The U.S. Dollar Index climbed 0.7%, finishing the week at 97.87.

📈 Index Rundown | Index | Weekly Change | YTD Change | |-------------------|----------------|-------------| | Nasdaq Composite | -0.1% | +6.6% | | S&P 500 | -0.3% | +6.4% | | Russell 2000 | -0.5% | +0.2% | | S&P Midcap 400 | -0.6% | +1.6% | | DJIA | -1.0% | +4.3% |

🔍 Looking Ahead As trade talks evolve and earnings season continues, investors will be watching closely for signs of economic resilience—or escalation. Stay tuned!

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