US equity markets closed little changed to end the week as some strong corporate results were offset by fresh threats from President Trump to further increase tariffs on China - Dow slipped -6-points or -0.03% despite Microsoft Corp gaining +1.79% and touching a record high following their better-than-expected second quarter earnings release after the close last Thursday (19 July). The broader S&P500 -0.09%, with the more defensive sectors under pressure (Real Estate down -0.9% and Utilities -0.8%). The technology-centric NASDAQ -0.07%. In an interview with CNBC President Trump indicated that he was prepared to put tariffs on all US$505B in Chinese goods imported to the US as he once again stepping up his rhetoric in the continuing trade spat. For the week, the Dow added +0.15% (to post its first 3-week wining streak since January) and the S&P500 +0.02%, while the Nasdaq lost -0.07%.
