S&P 500 recedes from record highs as tariffs sour sentiment

S&P 500 recedes from record highs as tariffs sour sentiment

By Noel Randewich and Pranav Kashyap

Fri July 11, 2025 4:00 PM

For the last few days, the market has been relatively complacent about tariffs. That all changed radically today with the announcement of still more tariffs with the trade war once again intensifying with Canada, the EU, Brazil and a number of other countries. Tariff and inflation anxiety is right back on the front page again. But no worries. When the Q2 reports start coming in next week, if they reveal as the market hopes that tariff impact has been minimal, and if the S&P earnings have increased by 5.7% as expected, then the bulls will start running again.  

(By the way many analysts believe this a conservative estimate.) If not, then we’ll have a different story. But if anxiety went way back up today, overall there is optimism as the indexes have repeatedly reached record highs this week. However, though the indexes are up for the year, for just the week each dropped from 0.1% to 1.0%. Volume was quite low, likely due to the day’s uncertainties, coming in at just 15.4 billion vs the 18.3 billion average. 

DJ: 44,650.64  +192.34      NAS: 20,630.67  +19.33      S&P: 6,280.46  +17.20        7/10

DJ: 44,371.51  -279.13       NAS: 20,585.53  -45.14       S&P: 6,259.75  -20.71         7/11

Fri 7-11-25 4:00 pm S&P 500 recedes from record highs as tariffs sour sentiment | Reuters