4:10pm: S&P sneaks new record close
The S&P 500 managed to log another record high despite weakness in tech and lingering concerns over trade policy.
The benchmark S&P 500 inched up 4 points, or 0.1%, to close at 6,310—marking back-to-back record finishes. The Dow Jones added 179 points, or 0.4%, to end at 44,502, while the small-cap Russell 2000 led the pack with a 0.9% gain. On the flip side, the tech-heavy Nasdaq Composite dropped 81 points, or 0.4%, to finish at 20,893, dragged down by losses in big-name technology stocks.
Markets wobbled earlier in the day following a warning from General Motors about potential cost pressures from tariffs. But sentiment got a late boost after President Trump announced a new trade agreement with the Philippines, easing fears of escalating trade tensions.
“President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives,” Trump said in a Truth Social post. “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.” He later clarified that goods from the Philippines will be subject to a 19% tariff—slightly lower than the previously planned 20% rate.
Investors will be watching closely to see if this deal sets the stage for further progress on trade as earnings season rolls on.
3:45pm: Proactive news headlines
- Black Swan Graphene ordered a new production unit that will more than triple its annual graphene capacity to 140 tonnes, advancing efforts to scale up GEM material supply amid growing commercial demand.
- Q2 Metals Corp is preparing its inaugural exploration target at the Cisco lithium project in Quebec, estimating up to 329 million tonnes grading 1% to 1.38% lithium oxide.
- 374Water Inc has mobilized its AirSCWO 6 System to Detroit for commercial-scale PFAS destruction tests under a U.S. Department of Defense initiative.
- Scancell Holdings PLC reported strong interim data from its SCOPE cancer vaccine trial, prompting Panmure Liberum to raise its price target from 24p to 32p.
- Gunnison Copper Corp has commenced mineral processing at the Johnson Camp Mine in Arizona, with first copper sales expected in September.
- Giyani Metals Corp launched a private placement to raise up to C$3 million to support ongoing development of its K.Hill manganese project in Botswana.
- Reconnaissance Energy Africa Ltd plans to spud its Kavango West 1X well in Namibia by the end of July, targeting over 1,500 metres of Otavi carbonate reservoir.
- Midnight Sun Mining Corp has started expansion drilling at its Kazhiba-Main copper target in Zambia, aiming to define a maiden resource later this year.
- Pantheon Resources PLC has begun drilling the Dubhe-1 well on Alaska’s North Slope to evaluate reserves near existing infrastructure.
- Scancell Holdings PLC also reported positive Phase II results for its iSCIB1+ immunotherapy, with a 69% response rate in late-stage melanoma patients with a specific genetic marker.
- IXICO PLC expanded its partnership with the Global Alzheimer’s Platform Foundation, gaining access to a major Alzheimer’s biomarker dataset.
- 88 Energy Ltd updated investors on Q2 progress, noting expanded resources and seismic data at Project Leonis in Alaska with 664 million barrels of prospective oil resources.
- Thor Explorations Ltd announced positive initial drilling results from the Guitry gold project in Côte d'Ivoire, confirming near-surface and deeper mineralization.
3:15pm: Tesla faces dramatically different backdrop this quarter
Tesla Inc (NASDAQ:TSLA) will hand down its second quarter earnings this week amid a dramatically different backdrop than just three months ago, according to Wedbush analysts.
“While near-term and this quarter the numbers are nothing to write home about, we believe investors are instead focused on the AI future at Tesla with a motivated [CEO Elon] Musk back driving Tesla's future,” the firm wrote.
For the second quarter, Wall Street expects Tesla to report total revenue of $22 billion, with $16 billion from automotive sales.
Earnings per share are expected to come in at $0.39, and gross margins excluding regulatory credits are projected to be about 13% to 14%.
The company’s shares traded hands at $330 on Tuesday, down 18% so far in 2025.
Tesla will report its Q2 earnings after US markets close on Wednesday.
2:30pm: Stocks on the move
- Kohl’s Corporation shares more than doubled on Tuesday amid retail trading frenzy and high short interest, despite no company-specific news.
- Philip Morris International missed second-quarter revenue expectations due to a 1.5% decline in cigarette shipment volumes, sending shares lower.
- Black Swan Graphene announced it will more than triple annual graphene production capacity with a new unit at its UK facility to meet rising commercial demand.
- Lockheed Martin shares dropped over 5% after reporting $1.6 billion in program losses and other charges that significantly impacted second-quarter earnings.
- 374Water Inc has deployed its PFAS-destroying AirSCWO 6 System to a Clean Earth site in Detroit for commercial-scale demonstrations under a U.S. DoD project.
- General Motors stock fell nearly 7% after second-quarter profits dropped, with a $1.1 billion tariff hit cutting into its earnings.
1:10pm: Kohl’s shares soar in meme-stock frenzy
Shares of Kohl's Corporation (NYSE:KSS) more than doubled in value on Tuesday in a stunning rally fueled by retail investor enthusiasm, surging short interest, and frenzied options trading despite no apparent news from the US department store chain.
The stock jumped as much as 105% in premarket trading before opening up 87%. By early afternoon, it had pared gains but remained up 35% at just over $14, prompting a volatility halt earlier in the session.
Kohl’s was the most-mentioned ticker on the Stocktwits investor forum and became one of the most-traded names across retail brokerage platforms. LSEG data showed nearly 49% of its free-floating shares were sold short, adding fuel to the rally as traders looked to squeeze out bearish bets.
12:15pm: Stocks wobbly
Stocks "may wobble" prior to key Big Tech earnings due over the next two weeks, according to Kathleen Brooks, research director at XTB.
On Tuesday, the S&P 500 was taking on a more defensive tone as healthcare and materials gained, according to Brooks, while tech led the declines.
Brooks noted that semiconductors were the weakest sub-sector, with Nvidia down more than 2% and both Nvidia and Meta underperforming among the Magnificent 7.
Investor nerves are mounting ahead of earnings from Alphabet and Tesla, with Alphabet in particular seen as a critical test for AI monetization. “The market is priced for strong tech earnings,” Brooks said, pointing to Nvidia and Meta’s 20% year-to-date gains. “Hence, the proof will be in the pudding for AI during this earnings season.”
11:35am: Gold rallies on dollar weakness
Gold rallied to a four-week high on Tuesday, supported by a weaker US dollar, according to Chris Beauchamp, Chief Market Analyst at IG.
“A renewed drop for the dollar is upon us once again, giving room for gold to leap higher,” Beauchamp said, noting that tariff concerns continue to bolster demand for the safe-haven asset.
Meanwhile, equity markets remained subdued ahead of earnings reports from Tesla and Alphabet.
“Tuesday has continued in a similar vein to Monday, with markets mostly treading water,” Beauchamp added, pointing to caution among investors as markets hover near record highs.
11:05am: Coca-Cola beats
Coca-Cola just gave a boost to its full-year profit forecast after beating expectations with its Q2 earnings.
The beverage giant posted a comparable EPS of $0.87, topping analysts’ estimate of $0.83 and rising 4% year-over-year. Revenue rose 1% to $12.5 billion, slightly below expectations, while comparable operating margin improved to 34.7%, up from 32.8% a year ago.
While unit case volume fell 1%, higher pricing and favorable mix—up 6%—bolstered results.
The firm also confirmed plans to introduce beverages made with real cane sugar in the US this fall, days after President Donald Trump praised the company on social media for using "REAL Cane Sugar" in its drinks.
10:35am: Powell defends capital rules
Federal Reserve Chair Jerome Powell emphasized the importance of a strong and competitive banking system in opening remarks at the Fed’s Large Bank Capital Framework conference on Tuesday, stating that the focus should be on how the overall capital framework works together.
Meanwhile, Treasury Secretary Scott Bessent called for an internal review of the Fed’s operations, including its $2.5 billion headquarters renovation and activities outside of monetary policy. While Bessent stopped short of demanding Powell’s resignation—despite President Trump’s repeated calls for it—he said Powell should decide whether to complete his term, which ends in May.
“There’s nothing that tells me that he should step down right now,” Bessent said on Fox Business Tuesday. "His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.”
Bessent expressed concern over what he described as “mission creep” at the Fed, suggesting its expansion into non-core areas could threaten the institution’s independence.
9.55am: Nvidia leads Nasdaq and S&P lower
There was a mixed start for US stocks on Tuesday, with Nvidia at the head of a tech sell-off, while the Dow Jones rose 0.15%.
The S&P 500 fell 0.3% and the Nasdaq dropped 0.9%.
Nvidia shares fell 1.9%, with other semiconductor shares slipping too, including a 2%-plus declines for Broadcom, Advanced Micro Devices, NXP Semiconductor and Micron Technology.
Palantir was also down over 2% among the wider tech complex.
Biggest faller on the S&P 500 was Philip Morris International, down 8% decline raising full-year guidance, as revenues for the past quarter missed estimates as cigarette volumes dropped.
Defence name Lockheed Martin fell 7% after a big profit miss.
7.50am: Wall Street futures slightly in the red
US stock index futures pointed lower on Tuesday as traders took a pause for breath after a run of record highs and awaited a speech from Federal Reserve Chair Jerome Powell and the first earnings from the 'Magnificent 7' later in the week.
Dow Jones and Nasdaq 100 futures were down close to 0.2%, while those for the S&P 500 dipped less than 0.1%.
This slight pullback would follows Monday’s mixed session, where the Nasdaq closed at another record high, up 0.4%, helped by gains in Alphabet ahead of its earnings tomorrow. The S&P 500 edged up 0.1%, also notching a record close, while the Dow was just below flat, weighed by cyclical names.
Investor focus is firmly on the earnings calendar, with updates due today from Philip Morris, Coca-Cola, and Lockheed Martin, a day ahead of reports from trillion-dollar titans Alphabet and Tesla on Wednesday that are expected to have a wider impact, particularly given the market’s dependence on large-cap tech.
So far, 85% of S&P 500 companies reporting have beaten expectations, albeit representing just 12% of the index.
Despite the dip in futures, market sentiment remains constructive, with the VIX volatility index steady this morning.
Powell’s speech is at 8:30 EST for any hints on future rate cuts, especially as expectations mount for a 25 basis point cut in September.
In commodities, oil was down 0.9% at $65.36. Meanwhile, Bitcoin rebounded but struggled to retake the key $120,000 level, while Ether dropped around 2% on profit-taking.
"With earnings in focus and some decent upside momentum, bulls still appear to be in control for now," said market analyst David Morrison at Trade Nation.
He said concerns over President Trump’s continued attempts to undermine Powell and ongoing trade tensions as the tariff deadline approaches seem to have been "brushed aside for now".
Technical signals, such as the daily MACDs on both the S&P and NASDAQ (standing for moving average convergence/divergence - technical indicators that show momentum by comparing short- and long-term moving averages of a stock’s price) show some negative divergence, Morrison said.
"That is, despite the ongoing rally, the upside momentum is showing signs of slowing. Earnings optimism continues to underpin market sentiment.
"Forward guidance from management teams is closely scrutinised for signals on macro trends, consumer resilience and the fallout from President Trump’s tariff threats."