US Stock Markets Close Lower Amid Tariff Concerns, Economic Data Strong

US stock markets closed mostly lower on Friday due to trade and tariff concerns, despite strong economic data. The Dow Jones Industrial Average fell 0.3%, while the Nasdaq Composite finished 0.1% higher. The S&P 500 ended marginally lower for the week. The major loser was 3M Co., down 3.7% after the company said tariffs will impact the second half.

Title: US Stock Markets Close Mixed Amid Trade and Tariff Concerns

US stock markets closed mostly lower on Friday, reflecting ongoing trade and tariff-related concerns. The Dow Jones Industrial Average (DJI) fell by 0.3%, closing at 44,342.19. The Nasdaq Composite (^IXIC) finished 0.1% higher at 20,895.66, reaching a new record high of 20,980.56 intraday. The S&P 500 (^GSPC) ended the week marginally lower, down 0.57 points to 6,296.79, with the index reaching an all-time high of 6,315.61 intraday.

The major loser of the session was 3M Co. (MMM), which fell by 3.7% after the company reported that tariffs will impact its performance in the second half of the year. The company's stock price was down 3.7% after the announcement [2].

Despite the negative impact of tariffs, economic data released on Friday were strong. Housing starts in June came in at 1.321 million units, beating the Zacks Consensus Estimate of 1.318 million units [2]. Building permits in June also exceeded expectations at 1.397 million units, surpassing the Zacks Consensus Estimate of 1.39 million units [2]. The University of Michigan's preliminary reading of the consumer sentiment index for July was 61.8%, the highest level in five months [2]. Additionally, the 1-year inflation expectation dropped to 4.4% in July from 5% in June, while the long-term inflation expectation declined to 3.6% [2].

The week's market performance was mixed, with the S&P 500 and the Nasdaq Composite advancing 0.6% and 1.5%, respectively, while the Dow slipped 0.1% [2]. The Nasdaq Composite reached new record highs, reflecting strong performance from technology bigwigs [2].

Investor focus remains on trade policy and earnings from tech heavyweights. The implementation of tariffs is a significant concern, with the Commerce Secretary reaffirming that the White House's Aug. 1 deadline for new tariffs is a "hard stop" for compliance [1]. The EU is open to an unbalanced US trade deal but is also preparing to retaliate if no agreement is reached [1]. Earnings season is in full swing, with Alphabet (GOOG) and Tesla (TSLA) set to report their second-quarter results on Wednesday [1].

References
[1] https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-inch-higher-ahead-of-tech-earnings-as-tariff-deadline-looms-235753615.html
[2] https://finance.yahoo.com/news/stock-market-news-jul-21-082200847.html