US stocks closed mixed on Tuesday (July 22nd), as the S&P 500 hit a new record, rising nearly 0.1%, the Dow Jones Industrial Average rose 170 points, and the Nasdaq 100 fell 0.5% ahead of key earnings reports from Alphabet and Tesla.
Chip stocks weighed on the Nasdaq, with Nvidia down 2.4% and Broadcom down 3.3% following reports that SoftBank and OpenAI's massive AI project was stalled. Shares of Lockheed Martin (-10.8%) and Philip Morris (-8.2%) fell sharply after disappointing results. General Motors (-8%) also warned of a deeper impact on profits related to tariffs after a 32% decline in Q2, underscoring investor concerns about the impact of trade policy.
On the trade front, President Trump announced a deal with the Philippines that includes 19% tariffs, although confirmation from Manila is still awaited. Meanwhile, Treasury Secretary Scott Bessent said the US will likely extend its tariff deadline with China and plans to meet with Chinese officials next week in Stockholm. (alg)
Source: Trading Economics
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