02:36 PM EDT, 07/18/2025 (MT Newswires) -- US benchmark equity indexes fell intraday amid a report that President Donald Trump is pushing for higher-than-expected tariffs on the European Union.

The Dow Jones Industrial Average was down 0.5% at 44,261.8 after midday Friday, while the S&P 500 and the Nasdaq Composite fell 0.1% each to 6,290.3 and 20,867, respectively. On Thursday, the S&P 500 and the technology-heavy Nasdaq closed at all-time high levels.

Among sectors, energy saw the biggest drop intraday Friday, while utilities paced the gainers.

Trump is advocating for a minimum tariff of 15% to 20% on EU goods, up from a baseline tariff of 10%, the Financial Times reported, citing unnamed sources.

US Treasury yields were lower intraday, with the two-year rate decreasing 5.6 basis points to 3.86% and the 10-year rate losing 4.3 basis points to 4.42%.

In economic news, US consumer sentiment rose in July to the highest level in five months, while year-ahead inflation expectations dropped for a second month in a row, according to preliminary results from a University of Michigan survey.

"Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future," Joanne Hsu, Surveys of Consumers director, said.

US housing starts rose more than expected last month as a double-digit percentage gain in multi-family projects helped offset weakness in single-family units, government data showed.

"We're expecting housing starts to fall below (1.3 million units) in the quarters ahead, with activity weighed down by elevated mortgage rates, softening housing demand, and an excess supply of completed new homes," Oxford Economics said.

West Texas Intermediate crude oil was down 0.3% at $67.35 a barrel intraday.

On Thursday, Fed Governor Adriana Kugler said she favored holding interest rates steady "for some time" amid tariffs-induced upward pressure on inflation.

In company news, 3M ( MMM ) raised its full-year earnings outlook Friday as the industrial conglomerate recorded second-quarter results above Wall Street's estimates. The company's shares were down 5.1%, the steepest decline on the Dow and among the worst on the S&P 500.

American Express ( AXP ) followed 3M ( MMM ) on the Dow, down 2.5%, even as the payments company posted better-than-expected second-quarter results amid robust card member spending. American Express ( AXP ) reiterated its full-year outlook.

Dell Technologies ( DELL ) shares were up 5.8%, among the top gainers on the S&P 500, as Goldman Sachs and BofA Securities raised their respective price targets on the stock.

Gold was up 0.4% at $3,357.7 per troy ounce, while silver added 0.5% to $38.51 per ounce.