(Bloomberg) -- US stock futures retreated Friday as American trade partners pushed for concessions ahead of a July 9 deadline to finalize trade deals with the Trump administration.

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Contracts for the US benchmark fell 0.6% after the gauge ended the trading week at a fresh all-time high. US President Donald Trump dialed up trade tensions after Thursday’s close, warning partners he may start setting levies of as much as 70% unilaterally as soon as today.

With less than a week to go before the deadline, European Union carmakers and capitals were pushing for an agreement that would allow for tariff relief in return for increasing US investments, Bloomberg News reported. Meanwhile, a draft US-Swiss trade accord contained assurances about tariffs on pharma exports, according to people familiar with the matter.

Europe’s Stoxx 600 closed 0.5% lower, recovering from a steeper intraday decline. Gold rose 0.3% as investors sought havens. The dollar dipped. US stock and Treasury markets were closed for the July 4 holiday.

Equity markets have rallied sharply since April’s tariff-driven volatility, partly fueled by the ongoing strength of the US economy. Still, some investor caution lingers as the trade war continues to cloud the outlook for inflation and corporate profitability.

“There’s a little bit of doubt creeping in, especially after the bump up this week,” said Neil Wilson, investor strategist at Saxo UK. “Today’s a good day to take a little bit of risk off. But I don’t think there’s a fundamental shift, it’s all on the margins at the moment.”

What Markets Live Strategists Say:

“It would take a shocking set of trade outcomes to overwhelm the slew of good news we’ve recently had. All the more so, given that the bullishness of institutional investors has been tempered by constant threats, leaving them relatively underexposed to a market at record highs.”

— Mark Cudmore, Markets Live Executive Editor

The S&P 500’s surge has put it on the verge of triggering a sell signal, according to Michael Hartnett of Bank of America Corp.

The strategist advised that investors consider trimming their holdings once the index climbs beyond 6,300, a level just 0.3% above where it closed on Thursday. He also reiterated that bubble risks are mounting into the summer, especially following the House’s approval of a $3.4 trillion fiscal package featuring tax cuts.