U.S. equities pushed higher last week bolstered by a strong start to second-quarter earnings season, moderately dovish signals from the Federal Reserve, and a batch of generally resilient economic data.

U.S equities ended the week with modest declines. The S&P 500 closed down ~0.3%, while the Dow fell ~0.6% and the Nasdaq slipped ~0.2%. Markets had touched record highs mid week—driven by Nvidia’s rally to a $4 trillion valuation—then cooled in response to President Trump’s tariff escalation targeting Canada, the EU, Mexico, plus up to 50% on copper and other imports.

U.S. equity markets posted solid gains in a holiday-shortened trading week as investors digested a wave of major policy and economic news. Market optimism was fueled by the passage of the “One Big Beautiful Bill Act” (OBBBA) and a stronger-than-expected June jobs report. Meanwhile, trade headlines remain fast and furious as passage of the stimulative tax cuts and government spending in OBBBA may give the White House more latitude to push the envelope in trade negotiations.

Despite increasing consumer pessimism over inflationary impacts of tariffs, simmering conflicts in the Middle East, and continuing political volatility, the major markets were all up for the week.

U.S. equities ended mixed last week as investors weighed fresh signs of economic softness and heightened geopolitical tensions against a Federal Reserve that struck a cautious but steady tone.