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US stocks closed mixed Tuesday, but the benchmark S&P 500 (^GSPC) was able to eke out a new record as Wall Street digested a new batch of earnings, including a tariff warning from General Motors (GM), while also weighing the latest trade developments.
The S&P closed just above the flat line to secure the fresh all-time high of 6,309.62. The Nasdaq Composite (^IXIC) dropped around 0.4% ahead of Big Tech earnings, while the Dow Jones Industrial Average (^DJI) rose 0.4%.
Markets bounced off earlier losses after President Trump announced a new trade deal with the Philippines, in a potential sign that more positive developments on the trade front could be on the horizon.
So far, the market has proven resilient in the face of tariff uncertainty, with the S&P 500 and Nasdaq hitting 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.
Earnings results from a wave of companies on Tuesday were mixed. The stocks of General Motors (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 awaits 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.
Meanwhile, the clock is ticking on trade. Trump’s August 1 deadline to strike a deal or raise tariffs is fast approaching but progress remains elusive.
Talks with India are reportedly deadlocked, while negotiations with the European Union continue to stall. There is some movement on China. Treasury Secretary Scott Bessent said he’ll meet his Chinese counterpart next week in Stockholm with discussions expected to include a possible extension of the August 12 deadline to avoid sharply higher tariffs.
Read more: The latest on Trump’s tariffs
LIVE COVERAGE IS OVER 21 updates
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S&P 500 secures new record
The S&P 500 (^GSPC) notched another record close on Tuesday, eking out a modest gain to lock in back-to-back all-time highs.
Wall Street digested a fresh batch of earnings from major names like General Motors (GM) and Coca-Cola (KO), while also keeping a close eye on the latest trade developments.
The Dow Jones Industrial Average (^DJI) rose about 0.4%. The Nasdaq Composite (^IXIC), meanwhile, slipped 0.4% ahead of a big week for tech results.
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Here come Alphabet earnings…
Yahoo Finance’s Dan Howley reports:
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Stocks bounce after President Trump announces trade deal with the Philippines
The S&P 500 (^GSPC), tech-heavy Nasdaq Composite (^IXIC), and Dow Jones Industrial Average (^DJI) nudged higher in afternoon trading after President Trump announced the US struck a trade deal with the Philippines.
Stocks remained mixed, with the Dow leading gains, up 0.2%.
Goods from the Philippines bound for the US will face a 19% tariff instead of the 20% duties that were scheduled to go into effect Aug. 1.
“President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives,” Trump posted on Truth Social. “It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily.
Read more about the latest trade negotiations and tariff updates here.
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Homebuilder stocks soar, GM stock slips as investors digest earnings
Here’s a quick update on how shares of companies that reported earnings this morning are performing:
Google (GOOG) shares were up fractionally and Tesla (TSLA) stock gained about 1% ahead of their highly anticipated reports on Wednesday.
Expect more volatility as companies report, Annex Wealth Management chief economist Brian Jacobsen told Yahoo Finance on Friday. “Earnings misses are going to get punished a lot more than usual. I don’t think investors have the patience to really deal with companies that are missing any of those estimates.”
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Wall Street analysts bullish on Amazon ahead of earnings
Wall Street analysts lifted their price targets on Amazon stock ahead of the Facebook and Instagram parent’s quarterly earnings report July 31.
Needham analyst Laura Martin lifted her outlook on Amazon shares on Tuesday to $265 from $220, citing “strong” revenue growth for the company’s cloud division, AWS, “record-breaking” Amazon Prime days, waning tariff woes, and lower costs in its logistics operations (i.e. deliveries) due to generative artificial intelligence.
“AMZN is reporting strong improvement in its labor productivity, which we believe is a lead indicator to upside share price performance,” Martin added.
Deutsche Bank analyst Lee Horowitz also lifted his price target on Amazon stock to $266 from $230, noting that “consumers continue to spend” as “tariff concerns wane,” a positive sign for online commerce. He also noted “healthy” advertising revenue and “AI tailwinds” for AWS revenue as positive indicators for Amazon ahead of its second quarter earnings report.
To be sure, Amazon is facing some internal turmoil. The company has seen backlash from employees after CEO Andy Jassy wrote a memo to staffers that AI will lead to job cuts across the company. Meanwhile, workers with disabilities said the company has used AI to deny their requests for accommodations and have filed complaints with the Equal Employment Opportunity Commission and the National Labor Relations Board, alleging Amazon has violated the Americans with Disabilities Act with its RTO policies.
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Coinbase and PNC to work together as crypto reaches for Main Street
The largest US cryptocurrency exchange and a Pittsburgh regional lender announced a strategic partnership Tuesday that shows how upstart crypto and old-school banking are coming closer together, Yahoo Finance’s David Hollerith reports.
Hollerith writes:
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Nvidia falls for third day after record rally
Nvidia (NVDA) shares fell around 2% late Tuesday morning, marking the third day of declines for the AI chipmaker after it rallied to fresh all-time highs last week.
The drop comes as a burgeoning South Korean chipmaking rival FuriosaAI scored its first major customer.
Despite the drop, Nvidia is up around 24% for the year as the stock has undergone a remarkable turnaround following its first quarter earnings in May after a rocky start to 2025.
Its most recent rally last week came on the heels of the chipmaker’s announcement that it was set to resume sales of its AI chips to China — a major reversal after a surprise export ban from the Trump administration in April was on track to result in billions in lost sales.
Also on Tuesday, startup Reka AI announced that Nvidia, along with Snowflake, was part of a group to invest $110 million in the company during its latest funding round. Nvidia has invested in a number of AI companies, including OpenAI, Elon Musk’s xAI, Inflection, Scale AI, and more.
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Kohl’s surges nearly 30% as retail investors boost stock
Kohl’s (KSS) stock jumped nearly 30% Tuesday morning, with trading briefly halted for volatility after shares jumped as much as 105% earlier in the session.
The notorious subreddit for meme traders, r/wallstreetbets, was buzzing with users posting about their trades of the stock Tuesday morning, and it was also trending on the popular forum for retail investors, Stocktwits.
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Northrop Grumman stock pops after boost to 2025 profit outlook
Northrop Grumman’s (NOC) shares jumped over 9% after it raised its full-year forecast on the heels of strong quarterly profit and revenue beats.
The aerospace and defense giant has lifted its outlook as geopolitical tensions sustain demand for its defense products. Beyond that, the company is in talks to support the planned Golden Dome missile system. The Trump administration is searching for new partners for the project as tensions with Elon Musk threaten SpaceX’s dominance, Reuters reported.
Northrop Grumman reported second quarter earnings of $8.15 a share, versus $6.82 expected. Revenue came in at $10.35 billion, well above the $10.05 billion consensus view.
Reuters reported:
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Circle stocks extends decline after analyst downgrade
Circle shares fell more than 7% Tuesday morning, extending its 3.4% drop the day prior. The declines come as the stablecoin issuer’s stock was downgraded to Sell from Neutral at investment bank Compass Point following the passage of the first federal framework for dollar-backed stablecoins last week.
“While we expected CRCL to rally into stablecoin legislation, crypto investors typically ‘sell the news’ after highly anticipated events,” Compass Point analyst Ed Engel wrote in a note to investors Monday. “As such, we expect CRCL to retrace some of its recent rally after the GENIUS act was signed into law on 7/18.”
Engel also cited “emerging competition from banks and fintechs” following the passage of the GENIUS Act. “We expect more mainstream fintechs and banks to announce competing stablecoins in 2H25 [the second half of 2025],” he wrote, adding that “many mainstream businesses have wider distribution networks than CRCL.”
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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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Bessent calls for internal review of Fed but doesn’t think Powell needs to step down
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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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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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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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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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Trump Media stock tests the limits of bitcoin accumulation
Yahoo Finance’s Hamza Shaban reports in today’s Morning Brief:
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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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Good morning. Here’s what’s happening today.
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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.
