U.S. equity indices ended fractionally lower last week, backpedaling slightly from solid back-to-back prior weekly gains. Investor sentiment ended the week on a cautious tone ahead of weekend tariff negotiations between the U.S. and China. Earlier in the week, President Trump announced a framework 10% baseline tariff agreement with the UK, including lowering levies to 10% for British autos. Meanwhile, the Trump administration rejected Japan’s request for full zero-for-zero trade tariff exemptions.