Newscasts - S&P 500 notches record-high close; GM slumps as tariffs bite

SBI Holdings

23/07/2025 24:00

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_dxqehots&referenceId=tag:reuters.com,2025:newsml_RW179322072025RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: The S&P 500 eked out a record-high close on Tuesday (July 22), following steep losses in General Motors and a gain in Tesla as investors focused on recent and upcoming quarterly reports and watched for signs of progress in U.S. trade discussions. Lisa Bernhard has more.

Short Link: https://refini.tv/4m4uyhp

Video Transcript:

US stocks ended mixed on Tuesday as the Dow added 0.4%, the S&P 500 ticked up marginally to eke out another record high, and the NASDAQ shed roughly 0.4%. 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 US automaker tumbled more than 8%. US 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 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 to 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%.