Stock market today: S&P 500 ekes out new record amid wave of earnings, trade updates
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
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