STORY: U.S. stocks ended mixed on Tuesday, as the Dow added four-tenths of a percent, the S&P 500 ticked up marginally to eke out another record high, and the Nasdaq shed roughly four-tenths of a percent.
Investors concerns over President Donald Trump's erratic trade policy came into sharp focus after General Motors reported a $1 billion hit from tariffs to its quarterly results.
Shares of the largest U.S. automaker tumbled more than 8%.
U.S. trade policy remains a major point of uncertainty for investors and companies as Trump's self-imposed August 1 trade deadline approaches, says Dean Smith, chief strategist and portfolio manager at FolioBeyond.
“The uncertainty that the on-again, off-again tariff policy announcements is really starting to affect prices and returns for different sectors of the market and different parts of the economy differently. I think that the likelihood is that the August 1 deadline gets pushed back yet again. Secretary of the Treasury Scott Bessent has already announced that the August 12 deadline pertaining to China is going to be pushed back.” // “We think that this uncertainty is going to continue to drive the markets, both fixed income and equities, for quite some time to come.”
Among other movers, shares of Tesla and Google parent Alphabet rose a day before both companies report earnings results.
On the flip side, shares of Philip Morris slumped nearly 8.5% after reporting second-quarter revenue below expectations, as shipments of its ZYN nicotine pouches disappointed investors.
And shares of Lockheed Martin tumbled almost 11% after its quarterly profit plunged by about 80%.
