Biggest S&P 500 Movers on Tuesday Advancers IQVIA Holdings (IQV) shares soared 18%, securing the S&P 500’s top performance on Tuesday. The data analytics and clinical research solutions provider topped second-quarter sales and profit estimates and issued a better-than-expected full-year forecast. IQVIA’s strategic collaborations and strength in artificial intelligence, including the development of more than 50 AI agents set for launch in the third quarter, have helped boost the company’s position in the life sciences sector.

(IQV) shares soared 18%, securing the S&P 500’s top performance on Tuesday. The data analytics and clinical research solutions provider topped second-quarter sales and profit estimates and issued a better-than-expected full-year forecast. IQVIA’s strategic collaborations and strength in artificial intelligence, including the development of more than 50 AI agents set for launch in the third quarter, have helped boost the company’s position in the life sciences sector. D.R. Horton (DHI) and PulteGroup (PHM) reported quarterly sales and profits that came in ahead of expectations, and shares of the homebuilders surged 17% and about 12%, respectively. Despite the results, both companies recognized the impact of soft sentiment among potential homebuyers, with elevated mortgage rates and tariffs pressuring affordability. D.R. Horton’s executive chairman predicted that sales incentives will stay elevated and increase heading into the year. Shares of Lennar (LEN) rose more than 8%.

(DHI) and (PHM) reported quarterly sales and profits that came in ahead of expectations, and shares of the homebuilders surged 17% and about 12%, respectively. Despite the results, both companies recognized the impact of soft sentiment among potential homebuyers, with elevated mortgage rates and tariffs pressuring affordability. D.R. Horton’s executive chairman predicted that sales incentives will stay elevated and increase heading into the year. Shares of Lennar (LEN) rose more than 8%. Northrop Grumman (NOC) shares jumped 9.4% after the aerospace and defense firm posted higher-than-expected sales and profits for the second quarter. Demand for military aircraft and defense systems driven by heightened geopolitical tensions contributed to the performance, and Northrop could be positioned to benefit from an increased focus on high-tech missiles and drones in President Donald Trump’s military budget for next year. A Northrop Grumman B-2 Stealth Bomber. Allen J. Schaben / Los Angeles Times / Getty Images Decliners The report from Northrop rival Lockheed Martin (LMT) was not as well-received. Lockheed shares tumbled 11%, falling the furthest of any stock in the benchmark index, after the company disclosed $1.6 billion in losses related primarily to a classified aeronautics program and an international helicopter program. Quarterly revenue fell short of consensus estimates, and Lockheed reduced its full-year profit guidance.

(LMT) was not as well-received. Lockheed shares tumbled 11%, falling the furthest of any stock in the benchmark index, after the company disclosed $1.6 billion in losses related primarily to a classified aeronautics program and an international helicopter program. Quarterly revenue fell short of consensus estimates, and Lockheed reduced its full-year profit guidance. Tobacco giant Philip Morris (PM) missed quarterly revenue expectations, reflecting an ongoing decline in demand for cigarettes. Although the company raised its outlook for full-year adjusted profits, it lowered its forecasts for cigarette and smoke-free shipment volumes. Phillip Morris shares sank 8.4% on Tuesday.

(PM) missed quarterly revenue expectations, reflecting an ongoing decline in demand for cigarettes. Although the company raised its outlook for full-year adjusted profits, it lowered its forecasts for cigarette and smoke-free shipment volumes. Phillip Morris shares sank 8.4% on Tuesday. Although MSCI (MSCI) exceeded quarterly sales and profit forecasts, boosted by growth in recurring subscription revenue and asset-based fees, shares of the financial data provider and market index creator slipped about 9%. -Michael Bromberg

IQVIA Soars on Strong Earnings IQVIA Holdings (IQV) stock surged on Tuesday after the clinical research and analytics company’s second-quarter results topped estimates. Shares jumped 18% to lead gainers on the S&P 500 after North Carolina-based IQVIA said it earned an adjusted $2.81 per share in the latest period, while revenue rose 5% from the same time a year ago to $4.02 billion, each above the consensus of analysts’ estimates compiled by Visible Alpha. However, IQVIA narrowed its full-year forecasts, projecting revenue of $16.1 billion to $16.3 billion, compared with the previous range of $16 billion to $16.4 billion, while adjusted EPS is now expected to come in between $11.75 and $12.05, down from $11.70 to $12.10 previously. Despite the big gain on Tuesday, IQVIA shares are still down 5% so far in 2025. -Aaron McDade

Philip Morris Stock Slides as Sales Miss Expectations Philip Morris International (PM) shares tumbled Tuesday after the tobacco giant missed quarterly sales estimates as demand for cigarettes continued to decline. The maker of Marlboro cigarettes and IQOS heated tobacco devices reported second-quarter revenue rose 7.1% year-over-year to $10.14 billion, while analysts surveyed by Visible Alpha were looking for $10.27 billion. Adjusted earnings per share of $1.91 beat forecasts. Cigarette shipment volume fell 1.5% year-over-year to 155.2 billion, with total combustibles sales up just 2.1% to $6 billion. Meanwhile, smoke-free product volume jumped 11.8% to 44.8 billion, and sales surged 15.2% to $4.2 billion. The company boosted its outlook for full-year adjusted EPS to $7.43 to $7.56 from the previous $7.36 to $7.49. However, it said it anticipates total cigarette and smoke-free shipment volume to be up approximately 1%, down from its previous guidance of a 2% gain, as cigarette volumes are expected to slide about 2%. Philip Morris stock fell more than 8% on Tuesday, making it one of the biggest decliners in the S&P 500. Even with Tuesday’s steep decline, the stock has gained 37% since the start of 2025. -Bill McColl

A New Acronym for Buzzy AI and Crypto Stocks? There’s a new acronym on Wall Street, courtesy of CNBC’s Jim Cramer. “PARC” stands for Palantir (PLTR), Applovin (APP), Robinhood (HOOD), and Coinbase (COIN), four stocks that have been on a tear recently. “A new acronym for the meme stocks that just won’t quit,” Cramer wrote in an X post revealing the acronym last week. The four stocks have ridden a wave of enthusiasm for Wall Street’s favorite themes to rank among the best-performing large-cap stocks of the last year. AI hype has lifted shares of Palantir and Applovin more than 400% and 300%, respectively, in the past year. The Trump administration’s embrace of cryptocurrencies and looser regulations have boosted Robinhood and Coinbase by about 350% and 50%, respectively. The group’s momentum has made them favorites among retail investors. Palantir and Robinhood were the third- and fourth-most popular stocks with individual investors in the first half of the year, according to data from Vanda Research. All four were among the 30 stocks with the most call option trading in the first half, a sign of their popularity with a more sophisticated, risk-taking cohort of retail investors. The PARC stocks’ outperformance over the last year has also made them some of the priciest issues on Wall Street. Palantir’s price-to-earnings (P/E) ratio on Monday stood at about 660, nearly twice the next highest in the S&P 500. The rest of the group’s P/E ratios range between 60 and 80. PARC’s hefty price tag and speculative sheen may explain why X users were so quick to poke fun at Cramer. Some joked the stocks could be aptly described by reversing the order of the acronym. Others took umbrage with Cramer’s saying the highly profitable tech companies are meme stocks akin to ailing and indebted businesses like GameStop (GME) and AMC (AMC). Jim Cramer speaking during the ‘Squawk on the Street’ show on CNBC this year. Michael M. Santiago/ Getty Images Some users speculated that Cramer’s ordaining the PARC stocks “this market’s redhot four” would spell trouble for the group. “A funny (but often true) contrarian signal has been Jim Cramer’s picks… is it the kiss of death for these stocks or can these stocks hitting ATHs overcome the JC love?” wrote one user. So far, that hasn’t been the case; all four stocks are up since Cramer’s recommendation. It also wasn’t the case for another acronym popularized by Cramer over a decade ago: FANG, which stands for Facebook—now Meta (META), plus Amazon (AMZN), Netflix (NFLX), and Google parent Alphabet (GOOG). Those stocks have hardly been hurt by Cramer’s recommendation. Netflix shares have risen more than 9,000% since Cramer’s recommendation, while Meta and Amazon are up more than 2,400% and 1,600%, respectively. Alphabet, already one of the world’s largest companies in 2013, has returned more than 500%. -Colin Laidley

The ‘Stakes Are High’ for Big Tech Earnings Tesla and Alphabet are due to report quarterly results after the closing bell on Wednesday, kicking off the earnings reporting season for the Magnificent Seven group of major technology companies. The big picture for S&P 500 company earnings is largely a question of the group of tech stalwarts’ health, and analysts expect that the numbers will be strong. Major tech companies, whose shares have largely underperformed the broader stock market this year, are under particular pressure to post results that exceed analysts’ expectations. Only three of the Magnificent 7 stocks have outperformed the benchmark S&P 500 index since the start of 2025. TradingView Read the full article here. -David Marino-Nachison

DR Horton, PulteGroup Results Lift Homebuilder Stocks Shares of D.R. Horton (DHI) and PulteGroup (PHM) rose on Tuesday after each homebuilder’s latest quarterly results came in better than expected, which gave a boost to other homebuilder stocks. D.R. Horton’s fiscal third-quarter revenue came in at $9.23 billion while it earned $3.36 per share, each well above the analyst consensus compiled by Visible Alpha. PulteGroup’s own second-quarter results also beat estimates by a narrower margin at $4.4 billion and earnings per share of $3.03. “New home demand continues to be impacted by ongoing affordability constraints and cautious consumer sentiment,” D.R. Horton Executive Chairman David Auld said. “We expect our sales incentives to remain elevated and increase further during the fourth quarter, the extent to which will depend on the strength of demand during the remainder of summer, changes in mortgage interest rates and other market conditions.” D.R. Horton trimmed its full-year revenue forecast to $33.7 billion to $34.2 billion from $33.3 billion to $34.8 billion previously, as it now expects to close on 85,000 to 85,500 homes this year, with the top end lowered from 87,000 previously. PulteGroup CEO Ryan Marshall said the company “saw consumers dealing with a range of issues from high interest rates and challenged affordability to macro concerns about the strength of the economy” during the spring selling season. PulteGroup shares were up 11% in recent trading, while D.R. Horton shares rose 16%. Tuesday’s moves put each stock into the green for the year, while rival homebuilders Lennar (LEN) and KB Home (KBH) each surged more than 8%. Homebuilder stocks had a difficult first half of the year as the housing market stayed stagnant in the first quarter and the Trump administration’s tariffs looked like they would raise construction costs across the industry. ‘-Aaron McDade

Lockheed Martin Slides as Defense Contractor Cuts Outlook Lockheed Martin (LMT) stock tumbled Tuesday as the defense contractor reported $1.6 billion in losses across a range of programs and slashed its full-year profit forecast. Shares of Lockheed were down more than 8% in recent trading. The stock has lost about 13% of its value since the start of the year. A classified program in Lockheed’s aeronautics program that faced “design, integration, and test challenges” led to recognize $950 million in pre-tax losses, the company said. The company reported another $570 million losses on an international helicopter program. The losses, CEO Jim Chaiclet said, “are a necessary step as we continue to take action to improve program execution.” The company now expects full-year earnings per share of $21.70 to $22, down from a prior estimate of $27 to $27.30. Lockheed maintained its sales outlook of $73.75 billion to $74.75 billion, which is in line with the Visible Alpha analyst consensus.

In the second quarter, Lockheed reported revenue of $18.16 billion, up less than 1% year-over-year and short of the analyst consensus. The company’s net income fell to $342 million, or $1.46 per share, from $1.6 billion, or $6.85 per share, largely due to the program losses. -Andrew Kessel

Opendoor Stock Price Levels to Watch After Monday’s Surge Opendoor Technologies (OPEN) shares bounced around Tuesday after the stock surged more than 40% yesterday as retail traders bid up Wall Street’s newest meme stock sensation. Shares in the online residential real estate platform soared as much as 120% Monday before giving back some of those gains as traders booked profits into the close. The stock nearly tripled in value last week after EMJ Capital founder Eric Jackson made favorable comments and members of a Reddit trading community behind the GameStop (GME) meme stock frenzy in 2021 began sharing screenshots of their Opendoor trades. The stock was down 1% at $3.18 in recent trading, after jumping more than 20% early Tuesday. The recent rally is good news for a company that faced a potential Nasdaq delisting in May because its stock traded below $1 for 30 consecutive business days. Source: TradingView.com. After bottoming out last month, Opendoor shares have surged as retail traders attempt to capitalize on the stock’s momentum. The price gapped higher on Monday before running into overhead resistance around the closely watched 200-week moving average. The recent buying has occurred on record volume, signaling strong trading activity in the stock. While the relative strength index confirms accelerating price momentum, it also flashes overbought conditions, increasing the chances of near-term price swings. Investors should watch overhead areas on Opendoor’s chart around $5 and $11, while also monitoring key support levels near $1.80 and 92 cents. Read the full technical analysis piece here. -Timothy Smith

GM Shares Slide as Automaker Warns of Tariff Hit General Motors (GM) on Tuesday posted second-quarter results that topped analysts’ estimates, but warned it could face a bigger headwind from tariffs in the second half of the year. The parent company of Chevy and Cadillac reported adjusted earnings per share of $2.53 on revenue that fell 1.8% from the same time a year ago to $47.12 billion. Both measures came in above analysts’ estimates compiled by Visible Alpha. Looking ahead, the automaker held its full-year outlook steady after lowering profit forecasts in April. Last quarter, GM cut its adjusted EPS forecast to a range of $8.25 to $10, down from $11 to $12 previously. However, the company warned Tuesday that tariffs could be a larger headwind in the third quarter than the second, and affect fourth-quarter results as well. GM CEO Mary Barra said in the automaker’s quarterly shareholder letter that executives are working to position the business to “adapt to new trade and tax policies, and a rapidly evolving tech landscape.” GM’s CEO Mary Barra arrives at the Allen & Company Sun Valley Conference earlier this month. Getty Images GM said it is “making solid progress to mitigate at least 30%” of the projected $4 billion to $5 billion tariff headwind “through manufacturing adjustments, targeted cost initiatives, and consistent pricing.” Shares of GM were down 7% recently, trading near their lows for the day. They entered Tuesday roughly flat on the year. -Aaron McDade

How Much Traders Expect Tesla to Move After Earnings Tesla (TSLA) is scheduled to report its second-quarter results after the market closes on Wednesday, with investors expecting the electric vehicle maker’s stock to make a sizable move after the report. Based on options pricing, Tesla stock is seen moving close to 7% or almost $22 in either direction from Monday’s close near $329 by the end of this week. Tesla shares rose 5.4% the day after the electric vehicle maker’s first-quarter report, when CEO Elon Musk told investors he was weeks away from leaving his work with the Trump administration. They gained nearly 3% following Tesla’s January fourth-quarter report, after surging nearly 22% and falling 12.3%, respectively, after each of the two previous quarters’ earnings. Elon Musk and President Trump at a White House event in May to commemorate the Tesla CEO’s time as head of the Department of Government Efficiency. Tom Brenner / The Washington Post / Getty Images Tesla shares, which were up slightly on Tuesday, have lost nearly 20% of their value since the start of this year. They have recovered from the lows they experienced in March and April when Tesla was the subject of protests while Musk was working in the federal government, but have still been pressured in recent weeks as Musk has continued to insert himself into politics on social media. The EV giant is expected to report a decline of more than 10% in revenue from the same time a year ago, to $22.78 billion, while adjusted earnings per share are projected to drop nearly 20% to 42 cents, according to estimates compiled by Visible Alpha. Analysts have said recently the stock could respond more to Musk’s comments about Tesla’s recently launched robotaxi program and other projects than the company’s quarterly financial results, as the shares rose earlier this month despite deliveries missing estimates. Among the analysts tracked by Visible Alpha who follow the company, eight call Tesla stock a “buy,” compared with five “hold,” and four “sell” ratings. Their average price target at $301 is about 8% below Monday’s closing level. -Aaron McDade

Is Kohl’s the Latest Meme Stock? Is a beaten-down retailer the newest meme stock? That’s one possible explanation for today’s jump in shares of Kohl’s (KSS), which were recently up some 30% after rising more than 100% in the opening minutes of the session, leading to a temporary halt in trading. The rise had earlier wiped out a year-to-date slide that had erased roughly a quarter of the company’s market value, though the move had cooled a bit from morning highs. Kohl’s shares are back to near unchanged for the year. TradingView The move didn’t follow any fresh corporate news, and its next quarterly earnings release isn’t imminent. It’s possible traders have instead seized on the stock—which is heavily shorted, possibly making it a candidate for a squeeze—as a vehicle for dramatic action, with the shares recently a topic of conversation on Reddit’s go-go wallstreetbets forum. Kohl’s first-quarter results, published in late May, were better than expected, though they followed on news that the company had fired its CEO not long into the announcement of an ambitious turnaround plan. Wall Street is broadly bearish, with Visible Alpha’s mean price target at $8, below Monday’s $10.42 per share close. UBS analysts on Monday reiterated a $4 target. -David Marino-Nachison

QQQ Levels to Watch Ahead of Big Tech Earnings The Invesco QQQ Trust (QQQ) came into Tuesday’s session at its highest ever level as investors await earnings reports this week from major technology companies. EV maker Tesla (TSLA) and Google parent Alphabet (GOOGL) and computing giant IBM (IBM) are due to report quarterly results after the closing bell Wednesday, while embattled chipmaker Intel (INTC) is scheduled to release its earnings reports late Thursday. The QQQ, which tracks the performance of the tech-heavy Nasdaq 100 Index, has received a boost in recent months from improved sentiment surrounding technology stocks as concerns about tariffs have eased and economic data reports have remained strong. Through Monday’s close, the ETF had rebounded 40% from its early-April low and was up 10% since the start of the year. The QQQ was down 0.8% at around $560 in recent trading. Source: TradingView.com. After breaking out from a flag pattern late last month, QQQ’s price has continued its move into price discovery. Importantly, the breakout coincided with the 50-day moving average (MA) crossing above the 200-day MA to form a golden cross, a bullish chart signal that indicates the start of a new uptrend. Moreover, the relative strength index has remained near its overbought threshold since early May, confirming the fund’s strong price momentum. The measured move technique forecasts a near-term price target of $589. Investors should monitor crucial support levels on QQQ’s chart around $540 and $515. Read the full technical analysis piece here. -Timothy Smith

Coca-Cola Profits Top Estimates, Sales Come in Short The Coca-Cola Company (KO) posted better second-quarter profits than analysts had projected on Tuesday morning, while sales fell short. The soda maker said Tuesday it earned a “comparable,” or adjusted, $0.87 per share, 4 cents better than estimates, while revenue rose 1% to $12.5 billion in the quarter, just below the analyst consensus compiled by Visible Alpha. Coca-Cola narrowed its full-year profit forecast, saying it expects comparable EPS to grow by about 3% from $2.88 in 2024, compared to its previous 2% to 3% range. Comparable revenue and EPS are each expected to be negatively impacted by currency exchange rates in the third quarter and second half of the year, the company said. Shares were down nearly 1% shortly after the results were released. They entered Tuesday up about 13% since the start of this year. Coca-Cola said in Tuesday’s release that it plans “to launch an offering made with U.S. cane sugar to expand its Trademark Coca-Cola product range” this fall. The company said the new U.S. product is “designed to complement the company’s strong core portfolio and offer more choices across occasions and preferences.” The announcement comes after President Donald Trump last week said the company had agreed to sweeten its iconic soda with cane sugar as officials in his administration have pushed food companies to abandon certain ingredients such as artificial dyes and high fructose corn syrup. The maker of its namesake beverage, Sprite, and dozens of others topped profit estimates while sales fell short last quarter, as the company said it expected a “manageable” impact from tariffs over the full year. Analysts said ahead of the report that Coca-Cola’s biggest tariff headwinds would likely be from fruit juice and aluminum it imports to make its products. Soda rival PepsiCo (PEP) topped estimates in its own second-quarter report last week, touting strong international sales growth. -Aaron McDade

S&P 500 closes at another record high, but everyone’s watching the meme stocks

The S&P 500 inched up less than 0.1% to close at a fresh record, the Nasdaq 100 fell 0.5%, and the Russell 2000 led the way with a 0.8% advance.

Tech was the source of weakness on Tuesday, the only S&P 500 sector ETF to decline. Healthcare, real estate, materials, industrials, and consumer discretionary all rose more than 1%.

But many of the intriguing stories of the day were in the names outside the benchmark US stock index.

Kohl’s doubled in the first few minutes of trading in a seeming r/WallStreetBets-inspired meme stock short squeeze before being halted for volatility and finishing up 37%.

Opendoor was up more than 20% early in the session but finished down 10% as the bullish flows that have fueled the stock’s surge became more balanced.

Lucid rose double digits after announcing that owners of its Air sedan would be able to access Tesla’s charging network before the month is out.

Healthcare company IQVIA was the best performer in the S&P 500 after posting stronger-than-expected earnings along with guidance that was better than anticipated. Another company that specializes in clinical trials, Medpace, rocketed higher on an earnings beat and improved guidance.

Lockheed Martin, on the other hand, slumped double digits on a Q2 earnings miss. Philip Morris International also tumbled despite raising its profit guidance and reporting better-than-expected earnings, as this news also came along with its first quarterly decline in Zyn shipments. Another earnings-linked sell-off came from General Motors, which reiterated guidance for a tariff hit of up to $5 billion this year.

Coca-Cola dipped despite beating on earnings and adjusted operating profits as the beverage seller suffered a decline in volumes sold. Oh, and cane sugar Coke is coming this fall as an extra offering.

Oscar Health rose 8% despite shifting its guidance to an operating loss of $250 million this year versus its prior expectation of a $250 million profit, as the company suffers from the same challenges to the ACA marketplace as Centene.

Chatter about another potential railway merger influenced stocks, even as Warren Buffett himself threw cold water on the reports, sending CSX and Norfolk Southern up more than 1%.

Summary

Companies Tariffs take $1 billion bite from GM earnings, shares tumble

RTX down after cutting 2025 profit forecast

S&P 500 +0.06%, Nasdaq -0.39%, Dow +0.40%

July 22 (Reuters) – The S&P 500 eked out a record-high close on Tuesday, following steep losses in General Motors and a gain in Tesla as investors focused on recent and upcoming quarterly reports and watched for signs of progress in U.S. trade discussions.

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Optimism about heavy spending on artificial intelligence has underpinned a rally in Wall Street’s most valuable companies, with the S&P 500 trading around record highs.

“The market is consolidating recent gains and is in a bit of a holding pattern with some huge catalysts over the next week or two, including the August 1 tariff deadline and a lot of important Magnificent Seven earnings,” said Ross Mayfield, an investment strategy analyst at Baird.

U.S. trade policy remains a major point of uncertainty for investors and companies as Trump’s self-imposed August 1 deadline for many countries to reach agreements with the White House approaches.

U.S. Treasury Secretary Scott Bessent said he would meet his Chinese counterpart next week to discuss an extension to the August 12 deadline set for tariffs on imports from China.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2025. REUTERS/Brendan McDermid/File photo Purchase Licensing Rights , opens new tab

Other trade negotiations appeared stalled, with optimism for a breakthrough deal with India waning and EU officials weighing countermeasures against the United States.

The S&P 500 climbed 0.06% to end the session at 6,309.62 points.

The Nasdaq declined 0.39% to 20,892.69 points, while the Dow Jones Industrial Average rose 0.40% to 44,502.44 points.

Volume on U.S. exchanges was relatively heavy, with 18.8 billion shares traded, compared with an average of 17.7 billion shares over the previous 20 sessions.

Analysts on average expected S&P 500 companies to report a 7% increase in earnings for the second quarter, with technology heavyweights driving much of that gain, according to LSEG I/B/E/S.

After last week’s mixed economic data, traders have all but ruled out an interest-rate cut from the U.S. Federal Reserve at next week’s policy meeting. They now see about a 60% chance of a reduction in September, according to the CME’s FedWatch tool.

Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a 4.3-to-1 ratio.

The S&P 500 posted 21 new highs and 1 new low; the Nasdaq recorded 73 new highs and 41 new lows.

Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru, and by Noel Randewich in San Francisco; Editing by Pooja Desai and Matthew Lewis

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US Stock Market Highlights: S&P 500 ekes out another record close Tuesday as traders react to latest earnings

By CNBCTV18.COM Jul 23, 2025 1:43 AM IST (Updated)

US Stock Market Highlights: The S&P 500 edged up 0.06% to close at a record high of 6,309.62 on Tuesday (July 22), marking its 11th record close of 2025. The Dow Jones Industrial Average gained 179.37 points, or 0.40%, to finish at 44,502.44. However, the Nasdaq Composite slipped 0.39% to 20,892.68, dragged down by weakness in technology stocks.

US Stock Market Highlights: The S&P 500 edged up 0.06% to close at a record high of 6,309.62 on Tuesday (July 22), marking its 11th record close of 2025. The Dow Jones Industrial Average gained 179.37 points, or 0.40%, to finish at 44,502.44. However, the Nasdaq Composite slipped 0.39% to 20,892.68, dragged down by weakness in technology stocks. Chipmakers led the decline in tech, following a Wall Street Journal report that SoftBank and OpenAI’s ambitious $500 billion AI project has encountered setbacks, prompting a scale-down of near-term plans. Broadcom fell more than 3%, while Nvidia dropped over 2%. Taiwan Semiconductor Manufacturing also declined nearly 2%.

4:10pm: S&P sneaks new record close

The S&P 500 managed to log another record high despite weakness in tech and lingering concerns over trade policy.

The benchmark S&P 500 inched up 4 points, or 0.1%, to close at 6,310—marking back-to-back record finishes. The Dow Jones added 179 points, or 0.4%, to end at 44,502, while the small-cap Russell 2000 led the pack with a 0.9% gain. On the flip side, the tech-heavy Nasdaq Composite dropped 81 points, or 0.4%, to finish at 20,893, dragged down by losses in big-name technology stocks.

Markets wobbled earlier in the day following a warning from General Motors about potential cost pressures from tariffs. But sentiment got a late boost after President Trump announced a new trade agreement with the Philippines, easing fears of escalating trade tensions.

“President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives,” Trump said in a Truth Social post. “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.” He later clarified that goods from the Philippines will be subject to a 19% tariff—slightly lower than the previously planned 20% rate.

Investors will be watching closely to see if this deal sets the stage for further progress on trade as earnings season rolls on.

3:45pm: Proactive news headlines

Black Swan Graphene ordered a new production unit that will more than triple its annual graphene capacity to 140 tonnes, advancing efforts to scale up GEM material supply amid growing commercial demand.

Q2 Metals Corp is preparing its inaugural exploration target at the Cisco lithium project in Quebec, estimating up to 329 million tonnes grading 1% to 1.38% lithium oxide.

374Water Inc has mobilized its AirSCWO 6 System to Detroit for commercial-scale PFAS destruction tests under a U.S. Department of Defense initiative.

Scancell Holdings PLC reported strong interim data from its SCOPE cancer vaccine trial, prompting Panmure Liberum to raise its price target from 24p to 32p.

Gunnison Copper Corp has commenced mineral processing at the Johnson Camp Mine in Arizona, with first copper sales expected in September.

Giyani Metals Corp launched a private placement to raise up to C$3 million to support ongoing development of its K.Hill manganese project in Botswana.

Reconnaissance Energy Africa Ltd plans to spud its Kavango West 1X well in Namibia by the end of July, targeting over 1,500 metres of Otavi carbonate reservoir.

Midnight Sun Mining Corp has started expansion drilling at its Kazhiba-Main copper target in Zambia, aiming to define a maiden resource later this year.

Pantheon Resources PLC has begun drilling the Dubhe-1 well on Alaska’s North Slope to evaluate reserves near existing infrastructure.

Scancell Holdings PLC also reported positive Phase II results for its iSCIB1+ immunotherapy, with a 69% response rate in late-stage melanoma patients with a specific genetic marker.

IXICO PLC expanded its partnership with the Global Alzheimer’s Platform Foundation, gaining access to a major Alzheimer’s biomarker dataset.

88 Energy Ltd updated investors on Q2 progress, noting expanded resources and seismic data at Project Leonis in Alaska with 664 million barrels of prospective oil resources.

Thor Explorations Ltd announced positive initial drilling results from the Guitry gold project in Côte d’Ivoire, confirming near-surface and deeper mineralization.

3:15pm: Tesla faces dramatically different backdrop this quarter

Tesla Inc (NASDAQ:TSLA) will hand down its second quarter earnings this week amid a dramatically different backdrop than just three months ago, according to Wedbush analysts.

“While near-term and this quarter the numbers are nothing to write home about, we believe investors are instead focused on the AI future at Tesla with a motivated [CEO Elon] Musk back driving Tesla’s future,” the firm wrote.

For the second quarter, Wall Street expects Tesla to report total revenue of $22 billion, with $16 billion from automotive sales.

Earnings per share are expected to come in at $0.39, and gross margins excluding regulatory credits are projected to be about 13% to 14%.

The company’s shares traded hands at $330 on Tuesday, down 18% so far in 2025.

Tesla will report its Q2 earnings after US markets close on Wednesday.

2:30pm: Stocks on the move

Kohl’s Corporation shares more than doubled on Tuesday amid retail trading frenzy and high short interest, despite no company-specific news.

Philip Morris International missed second-quarter revenue expectations due to a 1.5% decline in cigarette shipment volumes, sending shares lower.

Black Swan Graphene announced it will more than triple annual graphene production capacity with a new unit at its UK facility to meet rising commercial demand.

Lockheed Martin shares dropped over 5% after reporting $1.6 billion in program losses and other charges that significantly impacted second-quarter earnings.

374Water Inc has deployed its PFAS-destroying AirSCWO 6 System to a Clean Earth site in Detroit for commercial-scale demonstrations under a U.S. DoD project.

General Motors stock fell nearly 7% after second-quarter profits dropped, with a $1.1 billion tariff hit cutting into its earnings.

1:10pm: Kohl’s shares soar in meme-stock frenzy

Shares of Kohl’s Corporation (NYSE:KSS) more than doubled in value on Tuesday in a stunning rally fueled by retail investor enthusiasm, surging short interest, and frenzied options trading despite no apparent news from the US department store chain.

The stock jumped as much as 105% in premarket trading before opening up 87%. By early afternoon, it had pared gains but remained up 35% at just over $14, prompting a volatility halt earlier in the session.

Kohl’s was the most-mentioned ticker on the Stocktwits investor forum and became one of the most-traded names across retail brokerage platforms. LSEG data showed nearly 49% of its free-floating shares were sold short, adding fuel to the rally as traders looked to squeeze out bearish bets.

12:15pm: Stocks wobbly

Stocks “may wobble” prior to key Big Tech earnings due over the next two weeks, according to Kathleen Brooks, research director at XTB.

On Tuesday, the S&P 500 was taking on a more defensive tone as healthcare and materials gained, according to Brooks, while tech led the declines.

Brooks noted that semiconductors were the weakest sub-sector, with Nvidia down more than 2% and both Nvidia and Meta underperforming among the Magnificent 7.

Investor nerves are mounting ahead of earnings from Alphabet and Tesla, with Alphabet in particular seen as a critical test for AI monetization. “The market is priced for strong tech earnings,” Brooks said, pointing to Nvidia and Meta’s 20% year-to-date gains. “Hence, the proof will be in the pudding for AI during this earnings season.”

11:35am: Gold rallies on dollar weakness

Gold rallied to a four-week high on Tuesday, supported by a weaker US dollar, according to Chris Beauchamp, Chief Market Analyst at IG.

“A renewed drop for the dollar is upon us once again, giving room for gold to leap higher,” Beauchamp said, noting that tariff concerns continue to bolster demand for the safe-haven asset.

Meanwhile, equity markets remained subdued ahead of earnings reports from Tesla and Alphabet.

“Tuesday has continued in a similar vein to Monday, with markets mostly treading water,” Beauchamp added, pointing to caution among investors as markets hover near record highs.

11:05am: Coca-Cola beats

Coca-Cola just gave a boost to its full-year profit forecast after beating expectations with its Q2 earnings.

The beverage giant posted a comparable EPS of $0.87, topping analysts’ estimate of $0.83 and rising 4% year-over-year. Revenue rose 1% to $12.5 billion, slightly below expectations, while comparable operating margin improved to 34.7%, up from 32.8% a year ago.

While unit case volume fell 1%, higher pricing and favorable mix—up 6%—bolstered results.

The firm also confirmed plans to introduce beverages made with real cane sugar in the US this fall, days after President Donald Trump praised the company on social media for using “REAL Cane Sugar” in its drinks.

10:35am: Powell defends capital rules

Federal Reserve Chair Jerome Powell emphasized the importance of a strong and competitive banking system in opening remarks at the Fed’s Large Bank Capital Framework conference on Tuesday, stating that the focus should be on how the overall capital framework works together.

Meanwhile, Treasury Secretary Scott Bessent called for an internal review of the Fed’s operations, including its $2.5 billion headquarters renovation and activities outside of monetary policy. While Bessent stopped short of demanding Powell’s resignation—despite President Trump’s repeated calls for it—he said Powell should decide whether to complete his term, which ends in May.

“There’s nothing that tells me that he should step down right now,” Bessent said on Fox Business Tuesday. “His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.”

Bessent expressed concern over what he described as “mission creep” at the Fed, suggesting its expansion into non-core areas could threaten the institution’s independence.

9.55am: Nvidia leads Nasdaq and S&P lower

There was a mixed start for US stocks on Tuesday, with Nvidia at the head of a tech sell-off, while the Dow Jones rose 0.15%.

The S&P 500 fell 0.3% and the Nasdaq dropped 0.9%.

Nvidia shares fell 1.9%, with other semiconductor shares slipping too, including a 2%-plus declines for Broadcom, Advanced Micro Devices, NXP Semiconductor and Micron Technology.

Palantir was also down over 2% among the wider tech complex.

Biggest faller on the S&P 500 was Philip Morris International, down 8% decline raising full-year guidance, as revenues for the past quarter missed estimates as cigarette volumes dropped.

Defence name Lockheed Martin fell 7% after a big profit miss.

7.50am: Wall Street futures slightly in the red

US stock index futures pointed lower on Tuesday as traders took a pause for breath after a run of record highs and awaited a speech from Federal Reserve Chair Jerome Powell and the first earnings from the ‘Magnificent 7’ later in the week.

Dow Jones and Nasdaq 100 futures were down close to 0.2%, while those for the S&P 500 dipped less than 0.1%.

This slight pullback would follows Monday’s mixed session, where the Nasdaq closed at another record high, up 0.4%, helped by gains in Alphabet ahead of its earnings tomorrow. The S&P 500 edged up 0.1%, also notching a record close, while the Dow was just below flat, weighed by cyclical names.

Investor focus is firmly on the earnings calendar, with updates due today from Philip Morris, Coca-Cola, and Lockheed Martin, a day ahead of reports from trillion-dollar titans Alphabet and Tesla on Wednesday that are expected to have a wider impact, particularly given the market’s dependence on large-cap tech.

So far, 85% of S&P 500 companies reporting have beaten expectations, albeit representing just 12% of the index.

Despite the dip in futures, market sentiment remains constructive, with the VIX volatility index steady this morning.

Powell’s speech is at 8:30 EST for any hints on future rate cuts, especially as expectations mount for a 25 basis point cut in September.

In commodities, oil was down 0.9% at $65.36. Meanwhile, Bitcoin rebounded but struggled to retake the key $120,000 level, while Ether dropped around 2% on profit-taking.

“With earnings in focus and some decent upside momentum, bulls still appear to be in control for now,” said market analyst David Morrison at Trade Nation.

He said concerns over President Trump’s continued attempts to undermine Powell and ongoing trade tensions as the tariff deadline approaches seem to have been “brushed aside for now”.

Technical signals, such as the daily MACDs on both the S&P and NASDAQ (standing for moving average convergence/divergence – technical indicators that show momentum by comparing short- and long-term moving averages of a stock’s price) show some negative divergence, Morrison said.

“That is, despite the ongoing rally, the upside momentum is showing signs of slowing. Earnings optimism continues to underpin market sentiment.

“Forward guidance from management teams is closely scrutinised for signals on macro trends, consumer resilience and the fallout from President Trump’s tariff threats.”