Stock market today: Nasdaq, S&P 500 slide amid wave of earnings as tariffs bite GM profit
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Diverging Reports Breakdown
Stock market today: Nasdaq, S&P 500 waver amid wave of earnings as tariffs bite GM profit
US stocks traded mixed on Tuesday after notching new all-time highs the prior day. The moves come as Wall Street continues to wade through a fresh wave of earnings. 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.
The Nasdaq Composite (^IXIC) dropped 0.4% ahead of the first round of Big Tech quarterly results while the S&P 500 (^GSPC) traded just around the flatline. Meanwhile, the Dow Jones Industrial Average (^DJI) climbed about 0.3%.
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.
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 a US-India pact appear to be faltering with negotiations deadlocked as US talks with the European Union, another key trading partner, also hit the buffers.
Read more: The latest on Trump’s tariffs
LIVE
19 updates
Stock market today: Nasdaq, S&P 500 waver amid wave of earnings as tariffs bite GM profit
US stocks traded mixed on Tuesday after notching new all-time highs the prior day. The moves come as Wall Street continues to wade through a fresh wave of earnings. 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.
The Nasdaq Composite (^IXIC) dropped 0.4% ahead of the first round of Big Tech quarterly results while the S&P 500 (^GSPC) traded just around the flatline. Meanwhile, the Dow Jones Industrial Average (^DJI) climbed about 0.3%.
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.
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 a US-India pact appear to be faltering with negotiations deadlocked as US talks with the European Union, another key trading partner, also hit the buffers.
Read more: The latest on Trump’s tariffs
LIVE
19 updates