S&P 500 Sets Record; Trade, Earnings in Focus
US stocks closed mixed on Tuesday as the S&P 500 notch fresh record, rising roughly by 0.1%, the Dow added 170 points, while the Nasdaq 100 slipped 0.5% ahead of key earnings reports from Alphabet and Tesla.
Chip stocks weighed on the Nasdaq, with Nvidia falling 2.4% and Broadcom dropping 3.3% following a report that SoftBank and OpenAI's massive AI project had stalled. Lockheed Martin (-10.8%) and Philip Morris (-8.2%) dropped sharply after disappointing results.
General Motors (-8%) also warned of deeper tariff-related profit hits after a 32% Q2 decline, underscoring investor concerns around the impact of trade policy. On the trade front, President Trump announced a deal with the Philippines involving a 19% tariff rate, though confirmation from Manila is pending.
Meanwhile, Treasury Secretary Scott Bessent said the US will likely extend its tariff deadline with China and plans to meet Chinese officials next week in Stockholm.
Source: Trading Economics