Major US stock indices are trading mixed at the opening of trading today, Tuesday, July 22, as companies continue to announce their quarterly results and anticipate US trade talks as the August 1 deadline for an agreement approaches. The S&P 500 and Nasdaq hit new record highs yesterday, Monday, with no US economic indicators during today’s session, except for statements from US Federal Reserve Chairman Jerome Powell.
The S&P 500 is trading mixed today, with real estate up 0.45%, healthcare up 1.17%, energy up 0.32%, telecommunications up 0.27%, utilities up 0.22%, materials down 0.29%, and financials down 0.26%. Technology, consumer staples down 0.16%, and industrials down 0.385%. American companies and institutions continue to announce their quarterly results for the second quarter of this year. Coca-Cola announced results that exceeded expectations, driven by increased demand in European markets. The company recorded revenues of $12.54 billion, with earnings per share reaching $0.88, a 58% increase. The company reduced its forecast for full-year earnings per share growth to 3%, causing the company’s stock to fall 1.39% at the opening of the session.
Conversely, General Motors’ profits declined in the second quarter, recording its first annual decline in profits and revenues since the fourth quarter of 2023. The company recorded revenues of $47.12 billion and profits of $1.9 billion, a 35.4% decline, with earnings per share reaching $2.53. The company announced that US tariffs cost it approximately $1.1 billion in the second quarter, causing the company’s stock to fall 6.32% at the opening of the session. The Dow Jones Industrial Average (Dow) is trading up by about (105) points at 44.428, with gains of about 0.24%, while the S&P 500 Index (S&P500) is recording gains of 8 points at 6.305, with a rise of about 0.14%, while the Nasdaq Index (Nasdaq) is declining by (45 points) at 20.926, recording declines of about 0.22%.