The S&P 500 narrowly posted another fresh record close on Tuesday, as traders weighed the latest earnings reports and new trade developments.
The broad market index ticked up 0.06% to end at 6,309.62 and notch its 11th record close in 2025. The 30-stock Dow Jones Industrial Average rose 179.37 points, or 0.40%, settling at 44,502.44. By contrast, the Nasdaq Composite slipped 0.39% and closed at 20,892.69, bogged down by declines in tech stocks. It was the first negative day for the tech-heavy index in seven sessions.
Chip stocks were under pressure, as downbeat sentiment in the space was fueled by a report by The Wall Street Journal that said SoftBank and OpenAI’s $500 billion AI project has faced difficulties in getting underway and scaled down its near-term plans. Broadcom lost more than 3% and artificial intelligence darling Nvidia shed more than 2%. Taiwan Semiconductor Manufacturing dropped nearly 2%.
Meanwhile, shares of aerospace and defense name Lockheed Martin were down nearly 11% after the company’s revenue for the second quarter missed analyst estimates. Similarly, Philip Morris lost 8% after the tobacco company’s second-quarter revenue fell short.
However, those declines were offset by gains in the broader market outside of tech. Investors flocked to the health-care sector in particular, which outperformed with a rise of nearly 2% on the day. That was bolstered by the advance of IQVIA – which soared almost 18% on the heels of an earnings and revenue beat, leading the S&P 500 – as well as other names like Amgen and Merck. Small caps also outperformed, as the Russell 2000 jumped 0.8%.
This comes as nearly 90 S&P 500 companies have reported, with almost 85% of those topping analysts’ estimates, according to FactSet data. Eyes are on commentary from companies about macroeconomic certainty, the impact of tariffs and details on demand and spending related to AI.
Google parent Alphabet and Tesla will report Wednesday, kicking off highly anticipated results from the “Magnificent Seven” companies. The megacap tech companies are expected to contribute to a significant amount of earnings growth this season.
Because of the recent rally in stocks, investors are watching for how far the market can still run from here.
“This market’s pretty stalled out,” Jay Hatfield, CEO at Infrastructure Capital Advisors, told CNBC. His 6,600 year-end target on the S&P 500 calls for almost 5% upside from Tuesday’s close. “We are going to need to have very strong tech earnings to propel the market much higher.”
Traders also assessed the latest on the tariff front, with Treasury Secretary Scott Bessent saying the U.S. will likely extend a deadline to reach a deal with China. Bessent added that he’s planning to meet with Chinese officials in Stockholm next week.
President Donald Trump said later Tuesday that the U.S. has “concluded” a trade deal with the Philippines, which includes a 19% tariff on imported goods from the southeast Asian country. The Philippines has not yet confirmed that the deal has been made.
S&P 500, Dow close in positive territory
The S&P 500 and the Dow Jones Industrial Average closed in the green on Tuesday.
The broad market index rose 0.06% to close at 6,309.62, marking another record close for the index. The blue-chip Dow climbed 179.37 points, or 0.4%, to finish at 44,502.44.
On the other hand, the tech-heavy Nasdaq Composite fell 0.39% to end the day at 20,892.69.
— Sean Conlon
Information technology and communication services are the only two sectors trading lower today
During Tuesday’s trading session, the information technology and communication services sectors were the only two pacing for a loss.
The communication services sector was last trading 0.2% lower, while info tech stocks shed 1%.
Health care, up 1.8%, led the day’s gains, followed by real estate, which added 1.5%.
— Lisa Kailai Han
Lockheed Martin hits new 52-week low following earnings miss
Lockheed Martin hit a new 52-week low during Tuesday’s session on the back of the company’s second-quarter revenue miss. Shares were last down more than 8%, putting its six-month fall at more than 15% and year-to-date decline at more than 13%.
By contrast, shares of Northrop Grumman were trading at all-time highs dating back to the Northrop Aircraft and Grumman Aerospace merger in 1994. That stock has surged more than 36% in the last six months and more than 39% year to date.
— Gina Francolla, Sean Conlon
U.S. has reached trade and military deal with the Philippines, Trump says
U.S. President Donald Trump and Philippine President Ferdinand Marcos Jr., meet in the Oval Office at the White House in Washington, D.C., U.S., July 22, 2025.
President Donald Trump said on Tuesday that the U.S. has reached a trade agreement with the Philippines.
“President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives. 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. The Philippines will pay a 19% Tariff,” the president said in a Truth Social post.
Trump also said that the two countries will “will work together Militarily.”
The Philippines has yet to confirm the deal.
— Kevin Breuninger, Sean Conlon
Wall Street flashes warning signs on buzz around AI ‘neocloud’ companies
Investors are raving about “neoclouds” and what their emergence means for the artificial intelligence boom. However, some warning signs are starting to flash.
Neoclouds are companies specializing in AI cloud computing. Unlike traditional hyperscalers such as Amazon and Microsoft, these bespoke companies are viewed as attractive alternatives as they install and manage AI hardware and software in a faster and more tailored, cost-effective and potentially more energy-efficient way for clients.
CoreWeave, which had its IPO in late March, is the largest publicly traded neocloud. Nebius is an up-and-coming name. A swathe of private neocloud companies such as Lambda and Crusoe are attracting venture capital funding and working on high-profile AI contracts.
Nvidia has taken an interest in these AI-native cloud startups as well. The chipmaking giant has increased its investments in CoreWeave and neocloud startups while also developing its own cloud business amid increasing hyperscaler competition.
But while analysts like the niche neocloud model and their market share potential in the scaling AI cloud market, worries about their longer-term outlook are beginning to crop up. Risks they see are in these companies’ high levels of capex spending, lack of differentiation and overall lofty AI valuations.
For what Wall Street has to say, CNBC Pro subscribers can read more here.
— Pia Singh
12 stocks in the S&P 500 trade at new 52-week highs
During Tuesday’s trading session, 12 stocks in the S&P 500 traded at new 52-week highs.
Names that hit this milestone included:
- Northrop Grumman trading at all-time highs back to the merger between Northrop Aircraft and Grumman Aerospace in 1994
- Norfolk Southern trading at levels not seen since April 2022
- Fastenal trading at all-time high levels back to its IPO in August 1987
- Ebay trading at levels not seen since October 2021
- Dollar Tree trading at levels not seen since June 2024
- CoStar Group trading at levels not seen since May 2024
- Southern Company trading at all-time high levels back to its listing on the NYSE in 1949
- NiSource trading at all-time high levels back through our history to 1972 – NiSource has grown through M&A as far back as 1915
- American Electric Power trading at all-time highs back to when it first listed on the NYSE in 1949
- ResMed trading at levels not seen since December 2021
- Invesco trading at levels not seen since April 2022
- Welltower trading at all-time high levels back through our history to 1985
— Gina Francolla, Lisa Kailai Han
Opendoor, Kohl’s, General Motors, Lockheed Martin among the stocks making moves midday
GMC SUVs parked outside a GMC Buick dealership in Edmonton, Alberta, Canada, on March 22, 2025.
Some stocks are making big moves in midday trading Tuesday:
- Opendoor Technologies, Kohl’s — The two stocks have been cited on Reddit’s WallStreetBets forum and have seen some wild moves as retail traders chase meme stocks. Opendoor, an online real estate startup, surged earlier in the day, but was recently down nearly 2%. Still, shares have gained more than 500% this month. The department store didn’t appear to have any major corporate announcements, but Kohl’s stock surged 37%.
- General Motors — Shares tumbled nearly 7% despite the automaker beating sales and profit expectations in the second quarter. Adjusted earnings before interest and taxes of $3.04 billion were higher than analysts estimated, but down more than 31% from a year ago.
- Lockheed Martin — The maker of the Air Force’s F-35 fighter bomber dropped 6% after quarterly revenue of $18.16 billion trailed analysts’ consensus estimate of $18.57 billion, according to LSEG. Earnings per share of $1.46 weren’t comparable to estimates. Lockheed also reported a $1.6 billion loss attributed to some defense programs, and management said the “ongoing program review process identified new developments that caused us to re-evaluate the financial position on a set of major legacy programs.”
Read the full list here.
— Christina Cheddar Berk
Summer doldrums: S&P 500 on pace for longest stretch of muted trading since December
The stock market is becalmed.
The S&P 500 is on pace Tuesday for its 19th straight trading day without a move of 1% in either direction, the longest stretch of muted trading since last December when the benchmark stock index went 21 days without seeing a 1% swing.
— Scott Schnipper, Adrian van Hauwermeiren
Kohl’s shares soar more than 30%
A Kohl’s department store sign hangs outside the building on March 12, 2024 in Miami, Florida. Shares of Kohl’s fell as it posted a drop in same-store sales in the fourth quarter.
Shares of legacy department store Kohl’s soared more than 34% on Tuesday in wild trading.
The stock had more than doubled from Monday’s close of $10.42 per share before wiping out those gains about a half an hour after the opening bell. The stock was briefly halted in morning trading.
— Gabrielle Fonrouge
Market volatility will pick up, UBS Financial Services says
Market volatility has been notably muted in July, but investors should ready themselves for a more challenging course ahead, according to UBS. The CBOE Volatility Index has hovered below 20 all month.
“We expect market volatility to pick up in the lead-up to the 1 August tariff deadline, with threats to Federal Reserve independence and geopolitical uncertainty lingering in the background,” read a Tuesday note from Ulrike Hoffmann-Burchardi, global head of equities at UBS Financial Services.
The wariness comes as stocks continue their rally. On Monday, the S&P 500 closed above 6,300 for the first time, while the Magnificent Seven posted a ninth consecutive gain in its best run going back to 2023, the firm noted.
— Sarah Min
Bessent says Aug. 12 China tariff suspension deadline likely to be extended
U.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol in Washington, D.C., U.S., June 27, 2025.
Treasury Secretary Scott Bessent said the U.S. will likely work out an extension of President Donald Trump’s upcoming trade deadline with China when he meets with his Chinese counterparts next week.
The U.S. and China in mid-May agreed to a 90-day suspension of most of the heavy tariffs on each others’ goods while they continued trade negotiations, which is set to expire on Aug. 12.
“We’ll be working out what is likely an extension” during talks in Stockholm, Sweden on Monday and Tuesday, Bessent said in a Fox Business interview. “I think trade is in a very good place with China.”
For more, read here.
— Pia Singh, Kevin Breuninger
Stocks open little changed
Stocks opened Tuesday’s session little changed, a day after the S&P 500 and the Nasdaq Composite reached new highs.
The broad market S&P 500 traded just below the flatline shortly after the opening bell, as did the tech-heavy Nasdaq. The blue-chip Dow Jones Industrial Average was also flat.
— Sean Conlon
Stocks making the biggest moves premarket
Check out the companies making headlines before the bell.
Opendoor Technologies — The online real estate startup popped more than 13%, extending a rally powered by retail traders chasing meme stocks. Opendoor, which has often been cited on Reddit’s WallStreetBets forum, is ahead more than 500% this month. Trading volume exploded to 1.9 billion shares Monday, more than 1,700% of the three-month average, according to FactSet.
General Motors — Shares tumbled nearly 4% despite the automaker beating sales and profit expectations in the second quarter. Adjusted earnings before interest and taxes of $3.04 billion were higher than analysts estimated, but down more than 31% from a year ago.
Lockheed Martin — The maker of the Air Force’s F-35 fighter bomber dropped 8% after quarterly revenue of $18.16 billion trailed analysts’ consensus estimate of $18.57 billion, according to LSEG. Earnings per share of $1.46 weren’t comparable to estimates. Lockheed also reported a $1.6 billion loss attributed to some defense programs, and management said the “ongoing program review process identified new developments that caused us to re-evaluate the financial position on a set of major legacy programs.”
— Sarah Min
Fed’s Bowman backs independence but notes need for ‘accountability’
Vice Chair for Supervision of the Federal Reserve Board of Governors Michelle W. Bowman looks on prior to the start of the Federal Reserve’s Integrated Review of the Capital Framework for Large Banks Conference in Washington, D.C., U.S., July 22, 2025.
Federal Reserve Governor Michelle Bowman on Tuesday defended the central bank’s independence but also noted that accountability is important as well.
In a CNBC interview ahead of a Fed-sponsored banking conference, Bowman addressed President Donald Trump’s frequent criticism of monetary policymakers.
“It’s very important, and I’ve said this a number of times in the past, that we maintain our independence with respect to monetary policy,” she said during a “Squawk Box” interview. “But we also, as a part of that independence, have an obligation for transparency and accountability as well.”
Bowman added that the obligation extends to listening “to a broad range of voices and to understand how others are viewing the economy and how that should influence our our decisions in monetary policy making.”
With the Fed’s policy meeting looming next week, Bowman and her colleagues are in a silent period when they do not discuss monetary policy.
— Jeff Cox
Lockheed Martin shares fall after earnings
People visit a Lockheed Martin booth displaying a model of a military transport plane during an arms fair, in Hanoi, Vietnam, on Dec. 19, 2024.
Lockheed Martin shares fell more than 6% in the premarket Tuesday after the aerospace and defense company’s second-quarter results missed Wall Street’s expectations.
The company reported $18.16 billion in revenue for the period, while analysts surveyed by LSEG had penciled in $18.57 billion in revenue.
The move lower comes as the stock has had a negative year, falling more than 5% year to date and nearly 8% in the past six months.
— Sean Conlon
Coca-Cola shares lower even after posting earnings beat
Coke beverages are displayed in a 7-eleven convenient store on July 17, 2025 in Austin, Texas.
Shares of Coca-Cola fell nearly 1% in the premarket on Tuesday despite the company’s latest quarterly results topping estimates.
For the second quarter, Coca-Cola earned 87 cents per share on revenue of $12.62 billion, above the 83 cents per share and revenue of $12.54 billion that analysts had called for, according to LSEG. The company also slightly raised its full-year outlook but posted a 1% drop in global unit case volumes.
Additionally, Coca-Cola revealed that it’s planning to launch an offering in the U.S. this fall that’s “made with U.S. cane sugar to expand its Trademark Coca-Cola product range.” That comes after President Donald Trump said last week that Coca-Cola had agreed to use real cane sugar in drinks sold in the U.S.
The stock has still seen meaningful growth year to date, outperforming the broader market with a rise of more than 12%.
— Sean Conlon
GM beats earnings estimates, but shares fall
Mary Barra, CEO of General Motors, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S. on July 8, 2025.
General Motors fell more than 2% in the premarket even after the automaker reported second-quarter results that beat Wall Street expectations.
The company earned an adjusted $2.53 per share on revenue of $47.12 billion. Analysts polled by LSEG expected a profit of $2.44 per share on revenue of $46.28 billion.
However, the company’s CFO, Paul Jacobson, told CNBC that GM’s second-quarter results took a $1.1 billion hit from tariffs.
— Fred Imbert
Asia-Pacific markets end the day mixed
Asia-Pacific markets ended the day mixed Tuesday.
Hong Kong’s Hang Seng Index rose 0.54% to close at 25,130.03, while mainland China’s CSI 300 index increased by 0.82% to 4,118.96.
Japan’s Nikkei 225 benchmark pared earlier gains and ended the day down 0.11% to close at 39,774.92, while the broader Topix index was flat at 2,836.19.
Meanwhile, South Korea’s Kospi index dropped 1.27% to close at 3,169.94, while the small-cap Kosdaq lost 1.06% to 812.97.
Australia’s S&P/ASX 200 benchmark ticked up 0.1% to end the day at 8,677.20.
Over in India, the 50-stock benchmark Nifty 50 and BSE Sensex index were flat as of 1.45 p.m. Indian Standard Time (4.15 a.m. ET).
— Amala Balakrishner
Semafor reports Goldman Sachs is hunting for acquisitions, Northern Trust shares jump
Goldman Sachs CEO David Solomon held talks about a $25 billion takeover of wealth management firm Northern Trust earlier this year and almost closed a $6 billion deal for Cliffwater, Semafor reported on Monday evening, citing people familiar with the matter. Shares of Northern Trust jumped more than 4% on the report.
According to Semafor’s report, Goldman has also looked into deals related to low-fee ETFs, where the firm has struggled to grow. The firm’s push into these areas comes after its failed consumer banking ambitions.
Shares of Goldman are up more than 23% this year.
— Pia Singh
NXP Semiconductors, Steel Dynamics moving on earnings results
A view of the exterior of NXP semiconductors computer chip fabrication plant in Nijmegen, Netherlands, on March 14, 2024.
Take a look at companies making moves after Monday’s close:
- NXP Semiconductors saw shares fall more than 5% after the company reported a decline in sales for the second quarter, hurt by slow demand in the automotive market. NXP still beat on top and bottom lines, however. The company posted adjusted earnings of $2.72 per share on revenue of $2.93 billion. Analysts polled by LSEG expected earnings of $2.67 per share on revenue of $2.90 billion.
- Steel Dynamics posted lackluster financial results for its second quarter, leading shares down by roughly 3.4%. The company reported earnings of $2.01 per share on revenues of $4.57 billion. Analysts polled by LSEG called for earnings of $2.10 per share and revenue of $4.76 billion.
- Shares of regional bank Zions Bancorp rose 2.4%. Zions posted second-quarter earnings of $1.63 per share, exceeding analysts’ consensus estimate of $1.31 per share, per LSEG. Zions’ CEO Harris Simmons said, “We’re incrementally more optimistic about growth in the back half of the year than we’d previously been.”
— Pia Singh
Stock futures open little changed Monday evening
Shortly after 6 p.m. ET, futures tied to the Dow Jones Industrial Average climbed 53 points, or about 0.1%. S&P 500 futures and Nasdaq 100 futures opened slightly above the flatline.
— Pia Singh