US market today: Stocks edge higher as Fed meet, China tariff talks weigh; JetBlue, SoFi jump while Merck, UnitedHealth drag
The S&P 500 rose 0.2% in early trading, building on a six-day record streak, while the Nasdaq Composite added 0.5%. The Dow Jones Industrial Average traded flat, AP reported.
JetBlue Airways surged 14.4% and SoFi Technologies jumped 16.2% after stronger-than-expected results, while Merck fell 7.8% and UnitedHealth Group dropped 5.1% following disappointing earnings and forecasts.
UnitedHealth projected at least $16 per share in 2025 profit, well below analyst estimates of $20, according to FactSet.
The Federal Reserve's two-day meeting kicked off amid mounting pressure from President Donald Trump for rate cuts. However, most analysts expect the central bank to remain on hold as it gauges the impact of recent tariff hikes.
In Stockholm, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng continued negotiations ahead of an August 12 deadline to avert a return to triple-digit tariffs. Additional tariffs on other countries are also set to take effect this Friday if deals aren't reached.
Bond yields eased slightly, with the 10-year US Treasury yield dipping to 4.39% from 4.42%. The dollar index held firm ahead of key macroeconomic data releases later in the week.
Japan's Nikkei slid 0.8%, but most Asian and European markets closed higher. In earnings, Beyond Inc. rose 3.4% after reporting a smaller-than-expected loss, while broader market sentiment remained sensitive to earnings surprises amid lofty valuations.
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