Stocks were slightly lower last week, while looking past news of fresh U.S. tariffs on nearly two dozen countries.

The Standard & Poor’s 500 Index fell 0.31 percent, while the Nasdaq Composite Index edged lower by 0.08 percent. The Dow Jones Industrial Average lost 1.02 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slipped 0.43 percent.

The Return Of The Tariffs

Stocks started the week lower after the White House posted letters to 14 countries announcing new tariffs, set to take effect August 1. They included 25 percent tariffs on South Korea and Japan.

Stocks dropped briefly midweek after the White House announced tariffs on seven additional countries. But as investors digested the news, markets gradually recovered, hoping the administration would dial back its steepest tariff rates again.

Markets also rallied on fresh AI trade enthusiasm and the latest Fed meeting minutes, which showed a majority of Committee members were open to adjusting interest rates later this year.

Markets opened higher on Thursday as investors shrugged off news of the 50 percent tariff on Brazil imports, announced shortly after Wednesday’s close. Momentum continued, and the S&P 500 and Nasdaq rose to fresh records.7

Then, after Thursday’s close, the White House announced the U.S. was raising tariffs on Canadian imports to 35 percent and was preparing some other tariffs. Markets opened lower on Friday and trended sideways during the trading session.

The T Word

While tariffs drove market headlines last week, another “t word” made news: trillion.

More specifically, $4 trillion in market capitalization. The nation’s largest AI chip maker was the first company to breach that market cap level. It crossed the $4 trillion mark intraday on Wednesday, then closed above it for the first time on Thursday’s close.9,10

So why does it matter when one stock hits such a milestone? For a market-cap weighted index like the S&P 500, a company valued at $4 trillion has an outsized effect on the overall index’s performance. The largest five companies in the S&P 500 comprise about one-third of the benchmark index.

Tuesday:  Consumer Price Index (CPI). Industrial Production. Capacity Utilization. Boston Fed President Susan Collins and Dallas Fed President Lorie Logan speak.

Wednesday: Producer Price Index (PPI). Fed Beige Book.

Thursday: Jobless Claims (weekly). Retail Sales. Import Price Index. Business Inventories. Home Builder Confidence Index.

Friday: Housing Starts. Building Permits. Consumer Sentiment.

Source: Econoday

Tuesday: JPMorgan Chase & Co. (JPM), Wells Fargo & Company (WFC), BlackRock (BLK), Citigroup Inc. (C)

Wednesday: Johnson & Johnson (JNJ), Bank of America Corporation (BAC), Morgan Stanley (MS), The Goldman Sachs Group, Inc. (GS), The Progressive Corporation (PGR), Prologis, Inc. (PLD)

Thursday: Netflix, Inc. (NFLX), GE Aerospace (GE), Abbott Laboratories (ABT), PepsiCo, Inc. (PEP), Marsh & McLennan Companies, Inc. (MMC), Interactive Brokers Group, Inc. (IBKR)

Friday: American Express Company (AXP), The Charles Schwab Corporation (SCHW)

Source:Zacks.com

Sources: YCharts.com, July 12, 2025

Weekly performance is measured from the close of trading Monday July 7, to Friday, July 11 close.

Sneak In More Veggies With Mashed Cauliflower

Mashed potatoes are a classic side at any meal, but they can be calorie-dense and don’t provide as much nutritional benefit as other veggies. If you want a tasty and easy way to incorporate more veggies into your meals this year, try this simple mashed cauliflower recipe:

Ingredients

• 1 head of cauliflower
• 1 tbsp olive oil
• 2 garlic cloves (minced)
• 1-2 tsp of finely chopped herbs such as thyme, rosemary, sage, chives, etc.

Instructions

1. Trim the leaves off the cauliflower and cut the florets into smaller pieces. Rinse well.
2. Steam the cauliflower florets in a pot with a steamer insert for 6-8 minutes.
3. While the cauliflower is steaming, heat the olive oil in a small pan over medium heat. Add the minced garlic and cook until fragrant (about 30 seconds).
4. Dump out the water from the pot and add the cauliflower, olive oil, garlic, and chopped herbs.
5. Use a potato masher to mash the cauliflower and combine everything.

Tip adapted from Downshiftology

No-Mayo Peperonata Pasta Salad

Serves: 6-8

Ingredients:

• 3 large sweet peppers (about 1 1/2 pounds)–I like using a mix of red, yellow, and orange peppers
• 4 tablespoons olive oil, plus more for drizzling
• 1 small red onion (or half a large red onion), thinly sliced into strips about the same size as peppers
• 1 tablespoon minced thyme leaves
• Kosher salt plus freshly ground black pepper
• 2 tablespoons capers
• 2 tablespoons red wine or sherry vinegar, plus more to taste
• 2 cups halved cherry tomatoes, divided
• 1 pound casarecce or other tubular pasta
• 1/2 cup toasted pine nuts, chopped walnuts, or slivered almonds
• 1 cup basil, torn into small pieces
• 5 ounces fresh mozzarella, torn into bite-sized chunks
• 1 1/2 ounces Parmesan, thinly shaved

Directions:

1. Cut the peppers in half lengthwise and remove the stems, seeds, and membranes. Cut each pepper lengthwise into thin strips, then cut the strips in half if they’re long.
2. In a large sauté pan or skillet, heat the olive oil over medium heat. Add the peppers, onion, thyme, and salt and pepper, to taste. Sauté for about 6 minutes, tossing often, until the peppers and onions soften. The peppers should be soft but still have a little crunch to them. Add the capers and cook for another minute, then add the vinegar and remove the pan from the heat.
3. Transfer the peperonata to a shallow, non-reactive dish. Add 1 cup of the halved cherry tomatoes so they can marinate along with the peppers and onions. Set the peperonata aside while you make the rest of the dish, or refrigerate until you’re ready to use (it can be made several days in advance). Bring to room temperature before using.
4. Bring a large pot of generously salted water to a boil. Cook the pasta until al dente. While the pasta cooks, season the remaining 1 cup of halved cherry tomatoes with salt.
5. Drain the pasta and toss with the peperonata in a large bowl. Let the pasta cool until just warm, toss in the raw cherry tomatoes and their juices, the toasted nuts, and the basil–then add the mozzarella and Parmesan. For presentation, I like to add the cheese at the end (and only very gently toss) so it stays white and creamy. Taste and adjust the seasoning and acidity, then gild the lily by drizzling more olive oil over the pasta. Serve at room temperature.

Recipe adapted from Food52

How to Stop Skulling Pitch Shots

A skull shot in golf is when the bottom of the club comes into contact with the middle or upper part of the ball. It causes the ball to fly off the club face really fast, low, and is impossible to control the distance.

• Stop Deceleration: Deceleration through impact will lead to a skulled pitch shot. In order to stop decelerating you need to relax your muscles and let gravity take the club through impact.
• Weight on Front Foot at Setup: Start your shot at address with about 70% of your weight on your front foot and leave it there the whole time. This will allow you to swing down on the ball and not come up.
• Keep Your Head Still: Don’t lift your head too early. Take a good swing and you won’t have to worry about what he ball is doing in the air. In order to correct this flaw, over-emphasize your head staying down and looking at the point of impact.
• Keeping a Flat Wrist: Often times amateur golfers think at they are keeping their wrists flat, but they aren’t. It’s hard to see your own. A good thing to help check and make sure the wrists stay straight is to finish with the club face low and pointing to up to the sky.

Tip adapted from theleftrough.com

With Shared Custody, Taxes Can Get Complicated

If you have a legal agreement with your child’s other parent regarding custody, you may have questions about claiming the child on your tax return and what credits (if any) you are eligible for.

It might help if you research the Child Tax Credit as well. The parent who claimed the Child Tax Credit for a qualifying child the previous year may have received the advance child tax credit payments the following year.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS

Photo of the Week

Fennec fox

Yong in, Gyeonggi do, South Korea

Financial planning and investment advisory services offered through Cleveland Wealth, LLC, a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified wealth advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.