U.S. stocks drifted through a quiet Friday as Wall Street closed an unusually calm week.

The S&P 500 slipped 0.1% to finish the week with a modest dip of 0.5%. It’s the first week in seven where the index at the heart of many 401(k) accounts moved by less than 1.5%, after careening on fears about President Donald Trump’s trade war and hopes that he’ll relent on some of his tariffs.

The Dow Jones industrial average dipped 119 points, or 0.3%, while the Nasdaq composite edged up by less than 0.1%. They finished the week with even more modest losses than the S&P 500.

The week’s main event for financial markets is likely coming on Saturday. That’s when high-level U.S. and Chinese officials will meet in Switzerland for their first talks since Trump launched an escalating trade war between the world’s two largest economies.

Trump on Friday floated the idea of bringing tariffs on Chinese imports down to 80% from their current 145% rate, but he said it’ll be up to Treasury Secretary Scott Bessent, who will be in Switzerland.

In the meantime, the flow of earnings reports for the start of the year from companies is slowing but still moving the market.

Expedia sank 7.3% even though the travel website reported a stronger profit for the latest quarter than analysts expected. The owner of Vrbo and Hotels.com said demand was weaker than it expected during the quarter.

Sweetgreen wilted by 16.2% after the salad seller reported a slightly larger loss for the latest quarter than analysts expected.

They helped work against a 28.1% rally for Lyft, which delivered a stronger profit for the latest quarter than analysts expected.

Taiwan Semiconductor Manufacturing, the chip giant known as TSMC, offered an encouraging report, saying its revenue in April leaped 48.1% from a year earlier. That sent its stock that trades in the United States up 0.7%.

Insulet jumped 20.9% for the biggest gain in the S&P 500 after the medical device company reported stronger results for the latest quarter than analysts expected.

All told, the S&P 500 slipped 4.03 points to 5,659.91. The Dow fell 119.07 to 41,249.38, and the Nasdaq composite rose 0.78 to 17,928.92.

In stock markets abroad, indexes rose modestly in Europe after finishing mixed in Asia.

In the bond market, the yield on the 10-year Treasury edged up to 4.38% from 4.37% late Thursday.

— Associated Press