The major domestic equity indexes closed out the trading week slightly lower on Friday as escalating trade anxieties driven by Trump’s latest tariff threats against China offset a string of solid earnings reports, led by Microsoft.

The Dow Jones Industrial Average posted its third consecutive weekly gain, while the S&P 500 also rose for a third straight week after eking out a gain for the period.

Microsoft hit a record high and ended the session up 1.8 percent on the heels of a strong second-quarter earnings report. The company narrowed the race with and Amazon in the race to be worth $1 trillion in market value. Microsoft’s advance provided the greatest support to the S&P 500 and the Nasdaq.

Trump said he was ready to impose tariffs on all $500 billion of Chinese imports, the latest salvo in a series of protectionist moves that have prompted retaliatory measures from U.S. trading partners around the world.

Trump also repeated his criticism of planned interest rate hikes by the Federal Reserve, writing in a Twitter post that tightening our monetary policy would diminish any trade advantage.

Long-dated Treasury yields rose on worries that the president’s comments would encourage Fed Chairman Jerome Powell to slow the pace of rate hikes by the U.S. central bank, which could increase inflationary pressure.

As the second-quarter reporting season picks up steam, the consensus continues to improve. Earnings for S&P 500 companies are now estimated to have grown 22.0 percent in the quarter, compared with the 20.7 percent seen on July 1, according to Thomson Reuters I/B/E/S.

To date, 87 companies of the S&P 500 have posted results, of which 83.9 percent have exceeded consensus estimates.

Honeywell shares closed out the trading day up 3.8 percent after its earnings exceeded expectations and the company raised its earnings projection.

General Electric fell 4.4 percent, making it the largest drag on the S&P 500, after the co0mpany reported a smaller-than-expected decline in quarterly earnings but trimmed its cash flow target.

Approximately 6.00 billion shares changed hands on the major domestic equity exchanges, as compared to the 6.42 billion-share average for the past 20 trading days.