Stock market today: Dow, S&P 500, Nasdaq wobble amid wave of earnings as tariffs bite GM profit
US stocks wavered on Tuesday after notching new all-time highs, as Wall Street waded through a fresh wave of earnings that brought a tariffs warning from General Motors (GM).
The Dow Jones Industrial Average (^DJI) edged up around 0.1%. Meanwhile, the S&P 500 (^GSPC) hovered below the flat line. The Nasdaq Composite (^IXIC) slipped nearly 0.2% ahead of the first Big Tech quarterly results.
The market has so far proved resilient in the face of tariff uncertainty, with the S&P 500 (^GSPC) and Nasdaq Composite (^IXIChitting fresh record closes on Monday. Earnings season has been largely upbeat, buoying stocks and sentiment — though the market is now weighing how far the recent rally can run.
But earnings results from a wave of companies Tuesday were mixed. The stocks of General Motors's (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street.
General Motors reported that its core profit sank over 32% in the second quarter as tariff headwinds sapped $1.1 billion from its results. The Big Three automaker warned the hit would be deeper in the current quarter, providing food for thought to investors assessing the impact of President Trump's trade policy.
Read more: Full earnings coverage in our live blog
At the same time, Wall Street is keenly waiting for second-quarter results from "Magnificent Seven" members Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday. As the valuation of large-cap tech stocks soars, investors are hoping for reassurance that the hype around AI is more than just buzz.
The watch is on for signs of progress in trade talks as the clock ticks down to President Trump's Aug. 1 deadline to strike a deal or face higher tariffs. Prospects for US-India pact appear to be faltering with negotiations deadlocked, as US talks with the EU, another key trading partner, also hit the buffers.
Read more: The latest on Trump's tariffs
Jerome Powell's speech Tuesday morning is also in high focus as the Federal Reserve chair comes under pressure from Trump to step down. While investors will scour his comments for insight into tariff risks to the US economy, Powell is expected to focus on regulatory issues rather than monetary policy in the blackout period ahead of the Fed's July meeting.
LIVE11 updates-
Laura Bratton
US stocks mixed at the open
US stocks wavered on Tuesday after hitting new all-time highs the day prior, as Wall Street waded through a fresh wave of earnings.
The Dow Jones Industrial Average (^DJI) rose nearly 0.1%.
Meanwhile, the S&P 500 (^GSPC) traded roughly flat. The Nasdaq Composite (^IXIC) slipped 0.1% ahead of the first Big Tech quarterly results Wednesday from Alphabet (GOOGL, GOOG) and Tesla (TSLA).
The stocks of General Motors's (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street. Coca-Cola (KO) shares dropped despite reporting earnings that topped forecasts.
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Grace O'Donnell
Bessent calls for internal review of Fed but doesn't think Powell needs to step down
Yahoo Finance's David Hollerith reports:
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Karen Friar
Wall Street is being stubbornly bullish on downtrodden energy stocks
Wall Street analysts have high hopes for oil and gas stocks, encouraged by cheap valuations and President Trump’s full-throated support for the beleaguered energy sector.
Bloomberg reports:
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Grace O'Donnell
Coca-Cola tops Q2 estimates on steady soda demand, plans cane sugar-based products
Coca-Cola (KO) beat Wall Street's second quarter revenue and profit estimates on Tuesday, as steady soda demand and higher prices boosted profits.
But the stock was down about 1% in premarket trading, as case volumes fell overall.
Notably, the company said it plans to launch an offering made with US cane sugar under its trademark Coca-Cola product range this fall. In recent days, President Trump said that the company agreed to use cane sugar in its products, which Coke didn't confirm at the time.
Here's what Coca-Cola reported, per Reuters:
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Jenny McCall
Lockheed Martin Q2 profit plummets on $1.6 billion charge
Lockheed Martin (LMT) stock fell 6% premarket after the defense giant recorded pre-tax losses of $1.6 billion, mainly linked to a classified program within its Aeronautics segment.
Reuters reports:
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Jenny McCall
GM stock falls as Trump tariffs take $1B bite out of earnings
US automaker General Motors (GM) stock fell over 3% before the bell on Tuesday after reporting a fall in second quarter core profit of 32% to $3 billion. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war.
Reuters reports:
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Karen Friar
Trump Media stock tests the limits of bitcoin accumulation
Yahoo Finance's Hamza Shaban reports in today's Morning Brief:
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Karen Friar
Chipmaker NXP's stock falls as forecast fails to impress investors
Dutch chipmaker NXP (NXPI) disappointed investors with a less-than-bullish revenue outlook for the next quarter, sending its stock sliding almost 6% in premarket trade.
Bloomberg reports:
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Jenny McCall
Good morning. Here's what's happening today.
Economic data: Richmond Fed manufacturing index (July)
Earnings: Capital One (COF), Coca-Cola (KO), DR Horton (DHI), Enphase Energy (ENPH), GM (GM), Lockheed Martin (LMT), Philip Morris International (PM), SAP (SAP), Texas Instruments (TXN)
Here are some of the biggest stories you may have missed overnight and early this morning:
Ethereum is surging, and more companies want in
Chances of an India-US trade deal are dimming
Nvidia chip challenger FuriosaAI lands its first major customer
Trump-backed $500B Stargate AI project is struggling: WSJ
Bessent calls for deeper US bank regulatory reforms
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Jenny McCall
Trending tickers: Nvidia, Oracle and Medpace
Here are some top stocks trending on Yahoo Finance in premarket trading:
Nvidia (NVDA) stock fell over 1% premarket following news that FuriosaAI Inc., the Seoul-based startup seeking to design chips to compete with Nvidia (NVDA) Corp., has sealed its first major contract months after rejecting an $800 million acquisition offer from Meta Platforms Inc. (META)
Oracle (ORCL) shares dropped over 2% in premarket trading after it was announced that Stargate, a multi-billion-dollar effort by ChatGPT's creator OpenAI (OPAI.PVT), SoftBank (SFTBY, 9984.T) and Oracle (ORCL) are now setting a more modest goal of building a small data center by the end of the year, according to reports in The Wall Street Journal reported on Monday.
Medpace Holdings, Inc. (MEDP) stock surged over 40% before the bell on Tuesday after exceeding analysts revenue expectations on Monday, with sales up over 14% year on year to $603.3 million.
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Rian Howlett
Oil prices fall as trade war pulls down investor sentiment
Oil prices fell early morning Tuesday as the trade negotiations between the EU and the US continue to impact the economic landscape for crude consumption.
Reuters reports:
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