US stocks remained mixed in early afternoon trade as investors digested more earnings reports, with the S&P 500 scoring a record high and the Nasdaq weighing on chip stocks due to SoftBank’s scaled-down artificial intelligence project. More than 85% of the over 60 S&P 500 companies that have reported topped analysts’ estimates, according to FactSet data.
The tech-heavy Nasdaq fell, however, as investors became concerned about the implications of President Donald Trump’s tariffs on corporate spending and the economy. Tesla and Alphabet will be among the first “Magnificent Seven” megacap tech stocks to report results this midweek.
Federal Reserve Chairman Jerome Powell continues to face pressure to resign amid his feud with Trump, who has called for him to step down or slash interest rates. However, most Wall Street experts have backed Powell in his stance, and Treasury Secretary Scott Bessent said he saw no reason for the Fed chair to quit.
The US and China are likely to extend their trade deal deadline, which is set to expire on August 12. The two countries had initially agreed to suspend most tariffs for 90 days, but have yet to finalize a comprehensive agreement.
In corporate news, Goldman Sachs held talks for a potential $25 billion takeover of wealth management firm Northern Trust and saw its shares rise after the deal. Kohl’s and Opendoor shares rallied as investors piled in to squeeze out short positions, while GM topped second-quarter estimates despite Trump’s tariffs.
Coca-Cola’s earnings per share were better than expected due to European sales, but the company’s full-year outlook remained unchanged. Lockheed Martin’s adjusted earnings per share topped estimates, but revenue fell short. Philip Morris’ adjusted earnings per share beat forecasts but sales were shy of estimates. RTX lowered its full-year earnings forecast after Trump’s tariff war took a toll.
Other companies reported mixed results, including Danaher, Steel Dynamics, and AstraZeneca. Zions Bancorp saw its shares gain less than 1% after reporting above-expected quarterly earnings per share. Sarepta Therapeutics paused all shipments of its Elevidys gene therapy due to a FDA request, while JPMorgan Chase is considering lending money backed by customers’ cryptocurrency holdings as early as next year.
Source: https://eu.usatoday.com/story/money/markets/2025/07/22/us-stock-tuesday-earnings/85317784007