Dow Jones Industrial Average closed down 46.67 points (-0.09%) at 51,873.95 on Friday, June 26; S&P 500 closed down 4.20 points (-0.06%) at 7,353.29; Nasdaq Composite closed down 60.99 points (-0.24%) at 25,297.62.

Chinese and EU teams held intensive talks this week to prepare the inaugural China-EU trade and investment consultation meeting. EU negotiators reportedly showed little willingness to compromise and are preparing additional protectionist measures even as talks proceed, raising the risk of a sudden escalation in China-EU trade tensions. China says it remains committed to dialogue but is ready to launch firm, necessary countermeasures at any time. EU officials also signalled that bilateral consultations will not limit use of existing trade instruments or development of new ones, suggesting further deterioration in economic and trade ties may be likely.

European Commission spokesperson said tax measures are designed to be non-discriminatory and will apply equally to all large companies regardless of country of origin.