Wall Street ticks up to another record as GM and others show how tariffs are impacting them

NEW YORK (AP) — Wall Street inched to another record on Tuesday following some mixed profit reports, as General Motors and other big U.S. companies gave updates on how much President Donald Trump’s tariffs are hurting or helping them.

The S&P 500 added 0.1% to the all-time high it had set the day before. The Dow Jones Industrial Average rose 179 points, or 0.4%, though the Nasdaq composite slipped 0.4% from its own record.

General Motors dropped 8.1% despite reporting a stronger profit for the spring than analysts expected. The automaker said it’s 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.

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 17%, and PulteGroup jumped 11.5%. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy.

So far, the U.S. economy seems to be powering through the uncertainty created by Trump’s on-and-off tariffs. Many of Trump’s 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 stiff proposals before they kick in.

Trump said he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there.

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 “all U.S. tariffs currently in effect,” along with its updated expectations for business conditions in the second half of the year.

Its stock rose 7.6% after it reported a stronger profit for the latest quarter than analysts expected.

RTX fell 1.6% 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 “our current assessment of the impact of tariffs,” along with other changes anticipated from Washington’s recent approval of big tax changes.

Coca-Cola slipped 0.6% even though it delivered a stronger profit than forecast. Its revenue for the quarter only edged past analysts’ expectations, and it said that higher prices that it charged helped offset sales of fewer cases during the spring.

Opendoor Technologies, a company that caught interest among investors looking for the next “meme stock” that could rise regardless of how its profits are doing, lost momentum and dropped 10.3% to $2.88. It had climbed as high as $3.99 in the morning, more than quintuple its price of 78 cents from just two Fridays ago.

All told, the S&P 500 rose 4.02 points to 6,309.62. The Dow Jones Industrial Average added 179.37 to 44,502.44, and the Nasdaq composite fell 81.49 to 20,892.68.

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.

Fed Chair Jerome Powell has been insisting he wants to see more data about how Trump’s tariffs are affecting inflation and the economy before the Fed makes its next move. That’s despite often angry criticism from Trump, who has been lobbying for more cuts to rates to happen sooner.

The yield on the 10-year Treasury eased to 4.34% from 4.38% late Monday.

In overseas markets, Japan’s benchmark jumped and then fell back as it reopened from a holiday Monday following the ruling coalition’s loss of its upper house majority in Sunday’s election. The Nikkei 225 shed 0.1%.

Analysts said the market initially climbed on relief that Prime Minister Shigeru Ishiba vowed to stay in office despite a loss for his ruling coalition in an upper-house election Sunday. But the results have only added to political uncertainty and left his government without the heft needed to push through legislation.

A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there’s been scant sign of progress in negotiating away the threat of higher tariffs on Japan’s exports to the U.S. beginning Aug. 1.

Indexes were mixed elsewhere in Asia and Europe.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Specialist Alex Weitzman works at his post on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew)

Traders Neil Catania, left, and Daniel Kryger work on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew)

Maintenance workers repair an electronic board of financial indexes, at a securities firm Tuesday, July 22, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 22, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 22, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands near an electronic stock board, left top, showing Japan's Nikkei index at a securities firm Tuesday, July 22, 2025, in Tokyo. The traffic signs read: No Crossing. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 22, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

ISLAMABAD (AP) — A gas cylinder explosion early Sunday after a wedding reception at a home in Pakistan’s capital killed at least eight people, including the bride and groom, police and officials said.

The blast occurred as guests who had gathered to celebrate the couple were sleeping at the house, causing part of the house to collapse, according to the Islamabad police. Seven people were injured.

In a statement, police said the explosion occurred in a residential area in the heart of the city. A government administrator, Sahibzada Yousaf, said authorities were alerted about the blast early Sunday and officers are still investigating. He said some nearby homes were also damaged.

Prime Minister Shehbaz Sharif expressed grief over the loss of lives and offered condolences to the victims’ families, according to a statement from his office. He directed health authorities to ensure the injured receive the best possible treatment and ordered a full investigation.

Many Pakistani households rely on liquefied petroleum gas cylinders because of low natural gas pressure, and such cylinders have been linked to deadly accidents caused by gas leaks. Police said investigations were ongoing.

Government officials survey the damage of a home caused by a gas cylinder explosion hours after a wedding reception, in Islamabad, Pakistan, Sunday, Jan. 11, 2026. (AP Photo/Ehsan Shahzad)