A modest pullback for U.S. stocks Friday eased the market from all-time highs and left major stock indexes on Wall Street in the red for the week.

The S&P 500 closed 0.3% lower a day after setting a record high. The benchmark index’s loss for the week followed two straight weekly gains.

The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite gave up 0.2% after drifting between small gains and losses much of the day. The tech-heavy index was coming off its own all-time high on Thursday.

The selling capped an uneven week in the market as Wall Street kept an eye on the Trump administration’s rollout of new tariff threats against trading partners like Canada and looked ahead to the upcoming corporate earnings reporting season.

The initial rollout of Trump’s tariff policies in the spring roiled financial markets. But Wall Street has been relatively stable in recent weeks, with stocks steadily rising to record levels That suggests the market has mostly adjusted to the unpredictability of Trump’s rapidly shifting tariffs. Some market watchers, however, aren’t so sure.

The market’s response to Trump’s tariff escalation this week “has been surprisingly muted. Markets appear to believe that Trump will again back down,” Paul Ashworth, chief North America economist at Capital Economics, wrote Friday. “We are not so sure.”

Despite the uncertainty around tariffs, Wall Street has already come to accept a “base case” of 10% tariffs across the board, said Eric Teal, chief investment officer at Comerica Wealth Management.

“To the extent that this gets extended, I think the market has priced a lot of that in,” he said.

On Friday, Levi Strauss jumped 11.3% after the jeans maker easily beat Wall Street’s sales and profit targets and raised its full-year forecast, despite expecting higher costs from tariffs.

Shares in financial and health care sector companies were the biggest weights on the market Friday.

Visa fell 2.2% and Gilead Sciences dropped 4.3%.

Elsewhere in the market, shares of T-Mobile closed 0.2% lower after the Justice Department announced Thursday that it would not prevent the company from closing on its proposed $4.4 billion acquisition of U.S. Cellular.

Shares in aviation company Red Cat Holdings jumped 26.4% after Defense Secretary Pete Hegseth issued orders aimed at ramping up production and deployment of drones.

Bond yields rose. The yield on the 10-year Treasur rose to 4.42%, from 4.34% late Thursday.

Earnings season shifts into high gear next week with JPMorgan Chase, Wells Fargo and Citigroup among the big banks due to report their results on Tuesday.