After the Financial Times reported that Pres. Trump is pushing for a 15 – 20% tariff on all the EU goods and looks to keep 25% tariff on autos, the US stocks have tilted to the downside.

Dow industrial average -0.55%
S&P index -0.18%
NASDAQ index 0.16%
Russell 2000-0.64%

Both the S&P and the NASDAQ closed at record levels yesterday. For the trading week:

Dow industrial average -0.30%
S&P +0.43%
NASDAQ index +1.30%
Russell 2000+0.19%

Looking at the US debt market, yields are still lower on the day with the two-year yield down the most:

2-year yield 3.862%, -5.44 basis points
5-year yield 3.946%, -5.9 basis points
10 year yield 4.419%, -4.3 basis points
30 year yield 4.990%, -2.3 basis points

for the trading week, yields are lower:

2-year yield -3.0 basis points
5-year yield -3.2 basis points
10 year yield unchanged
30 year yield +3.5 basis points

The Fed funds interest rate is pricing in less than 50 basis points of cuts between now and the end of the year.

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