U.S. stocks edged lower from record levels Friday as investors weighed President Donald Trump’s latest tariff threats and looked ahead to key corporate earnings reports.

Trump warned of 35 percent tariffs on Canada and said new levies on the European Union could be announced in the coming days.

Equity markets had a relatively restrained reaction. “We have yet to see new substantial tariffs actually be enforced,” said Adam Sarhan of 50 Park Investments, adding that investors remained skeptical the most aggressive measures would materialize. He noted markets were reacting more “bullishly” than earlier in the year when similar threats triggered sharp sell-offs.

The S&P 500 fell 0.3 percent to 6,259.75, pulling back from Thursday’s record close. The Dow Jones Industrial Average dropped 0.6 percent to 44,371.51, while the Nasdaq Composite slipped 0.2 percent to 20,585.53 after also hitting a record Thursday.

Among individual movers, Levi Strauss & Co. jumped 11.2 percent after posting stronger profits on a 6.4 percent increase in revenues, with particularly strong growth in the Americas and Europe.

Investors are now turning to second-quarter earnings season, which begins in earnest next week with results from major U.S. banks. Reports from large tech and industrial firms are expected later in July.

June consumer price data, a key metric for the Federal Reserve’s interest rate outlook, is also on next week’s calendar.