The three major US stock indexes opened higher on Tuesday, August 5, for a second session following gains in the opening session on Monday, as US companies continued to report their second-quarter earnings, ignoring Trump’s threats to impose higher tariffs on India and new tariffs on chips and pharmaceuticals.

Moments before the session opened, Trump indicated on CNBC’s “Squawk Box” that he would announce new tariffs on semiconductors and chips because he wants them manufactured in the United States. He also confirmed that tariffs on imported pharmaceuticals could eventually reach 250%, compared to 200% previously.
The S&P 500 index traded mixed, with the technology sector rising 0.18%, the financial sector rising 0.30%, and the consumer discretionary sector rising 0.24%, while the energy sector declined 0.30% and the healthcare sector declined 0.53%.

On the economic front, figures released just moments ago by the Institute for Supply Management (ISM) showed that economic activity in the services sector declined for the second consecutive month in July, falling to 50.1 points, compared to 50.8 in June, falling short of expectations of a rise to 51.5.

American companies and institutions continue to announce positive results for the second quarter, with the drugmaker exceeding expectations for the second quarter of this year.

It raised its adjusted earnings estimate for the current year by 10 cents per share to a range of $2.9 to $3.10. The company recorded revenues of $14.65 billion, a 10% increase, while earnings per share rose 30% to $0.78, compared to the consensus estimate of $0.58 per share. The company’s stock rose more than 4% at the opening of the session.

In contrast, Palantir’s shares rose by more than 7% at the opening bell, as the company announced better-than-expected second-quarter results. Revenues exceeded $1 billion for the first time, reaching $1.004 billion, a 77% increase, and earnings per share of $0.16, driven by the artificial intelligence boom and government demand.

The Dow Jones Industrial Average (Dow) is trading up approximately (67) points at 44,241, with gains of approximately 0.16%. The S&P 500 is recording gains of 6 points at 6,336, up approximately 0.11%. The Nasdaq is up 54 points at 21,107, with gains of approximately 0.26%.