NEW YORK (AP) \u2014 US stocks drifted to another record following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump\u2019s tariffs are hurting or helping them. The S&P 500 rose 0.<\/p>\n
NEW YORK (AP) \u2014 US stocks drifted to another record following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump\u2019s tariffs are hurting or helping them. The S&P 500 rose 0.1% Tuesday to beat the all-time high it set a day earlier. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite fell 0.4% from its record. General Motors dropped 8.1% despite reporting a stronger profit than expected, as it still sees a $4 billion to $5 billion hit this year because of tariffs. Homebuilders soared following their better-than-forecast profit reports.<\/p>\n
THIS IS A BREAKING NEWS UPDATE. AP\u2019s earlier story follows below.<\/p>\n
NEW YORK (AP) \u2014 Wall Street is hanging around its records<\/a> on Tuesday following some mixed profit reports, as General Motors<\/a> and other big U.S. companies give updates on how much President Donald Trump\u2019s tariffs<\/a> are hurting or helping them. <\/p>\n The S&P 500 was 0.1% higher in late trading and on track to squeak to another all-time high. The Dow Jones Industrial Average was up 164 points, or 0.4%, with an hour remaining in trading, and the Nasdaq composite was down 0.2% after setting its own record.<\/p>\n General Motors dropped 7.5% despite reporting a stronger profit for the spring than analysts expected. The automaker said it\u2019s still expecting a $4 billion to $5 billion hit to its results over 2025 because of tariffs and that it hopes to mitigate 30% of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring.<\/p>\n That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 16.5%, and PulteGroup jumped 11.4%. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates<\/a> and an uncertain economy. <\/p>\n So far, the U.S. economy seems to be powering<\/a> through all the uncertainty created by Trump\u2019s on-and-off tariffs. Many of Trump\u2019s stiff proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the proposed tariffs before they kick in.<\/p>\n Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate \u201call U.S. tariffs currently in effect,\u201d along with its updated expectations for business conditions in the second half of the year. <\/p>\n Its stock rose 6.5% after it reported a stronger profit for the latest quarter than analysts expected. <\/p>\n RTX fell 1.2% after cutting its forecast for profit in 2025 but also raising its forecast for revenue. It made the changes to incorporate what CEO Chris Calio called \u201cour current assessment of the impact of tariffs,\u201d along with other changes anticipated from Washington’s recent approval of big tax changes.<\/p>\n Coca-Cola<\/a> slipped 0.7% even though it delivered a stronger profit than forecast. Its revenue for the quarter only edged past analysts\u2019 expectations, and it said that higher prices that it charged helped offset sales of fewer cases during the spring. <\/p>\n Opendoor Technologies, a company that’s caught interest among investors looking for the next \u201cmeme stock\u201d<\/a> that could rise regardless of how its profits are doing, lost momentum and dropped 10.7% to $2.86. It had climbed as high as $3.99 in the morning, more than quintuple its price of 78 cents from just two Fridays ago. <\/p>\n In the bond market, Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates. <\/p>\n Fed Chair Jerome Powell has been insisting he wants to see more data about how Trump\u2019s tariffs are affecting inflation and the economy before the Fed makes its next move. That\u2019s despite often angry criticism from Trump, who has been lobbying for more cuts to rates to happen sooner. <\/p>\n The yield on the 10-year Treasury eased to 4.33% from 4.38% late Monday.<\/p>\n In overseas markets, Japan\u2019s benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition\u2019s loss<\/a> of its upper house majority in Sunday\u2019s election. The Nikkei 225 shed 0.1%. <\/p>\n Analysts said the market initially climbed on relief that Prime Minister Shigeru Ishiba<\/a> vowed to stay in office despite a loss for his ruling coalition in an upper-house election<\/a> Sunday. But the results have only added to political uncertainty and left his government without the heft needed to push through legislation. <\/p>\n A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there\u2019s been scant sign of progress in negotiating away the threat of higher tariffs on Japan\u2019s exports to the U.S. beginning Aug. 1. <\/p>\n Indexes were mixed elsewhere in Asia and Europe. <\/p>\n ___<\/p>\n AP Business Writers Matt Ott and Elaine Kurtenbach contributed. <\/p>\n Stan Choe, The Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (AP) \u2014 US stocks drifted to another record following some mixed profit reports, as General Motors…\n","protected":false},"author":2,"featured_media":16384,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[45,49,48,100],"class_list":["post-16383","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-ca","tag-canada","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/16383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=16383"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/16383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/16384"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=16383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=16383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=16383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}