Stock market today: S&P 500, Nasdaq rise as earnings flood in and focus turns to the Fed

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heels of narrowly notching a sixth all-time closing high in a row, while the tech-heavy Nasdaq Composite (^IXIC) led the way higher with a 0.2% gain. The Dow Jones Industrial Average (^DJI) was roughly flat.The mood was modestly upbeat as a blockbuster week for markets gets into full swing, with the Federal Reserve kicking off its two-day policy meeting on Tuesday and the US dollar (DX-Y.NYB) continuing to rally.For now, earnings take center stage after Boeing's (BA) quarterly results topped expectations, lifting shares in the world's largest planemaker. But second quarter reports from Spotify (SPOT), Merck (MRK), and UnitedHealth (UNH) disappointed Wall Street.Read more: Full earnings coverage in our live blogAfter the bell, Starbucks (SBUX) earnings will be watched for signs of turnaround progress. Tuesday's earnings help set the tone for this week's highly anticipated reports from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META).Also looming large is President Trump's deadline Friday for trading partners to strike deals or face blanket tariff rates. Hopes for an extension to the US-China trade truce are buoying the likes of AI chipmaker Nvidia's (NVDA) stock.Read more: The latest on Trump's tariffsCommerce Department data out Tuesday showed the US goods trade deficit hit a 2-year low in June, as imports tumbled and businesses looked to get ahead of tariffs.Meanwhile, the JOLTS job from the Bureau of Labor Statistics showed job openings declined in June while hiring also decreased. Further insight into the labor market will come Friday with the nonfarm payrolls report.Also on Tuesday, fresh data showed consumer confidence saw an uptick in July with many Americans adjusting their expectations following the rebound from the tariff lows triggered by President Trump's Liberation Day announcements.LIVE 17 updates24 mins agoLaura BrattonStellantis to absorb $1.7 billion in tariff costs in 2025Stellantis (STLA) shares fell 2% after the Big Three automaker updated its financial results for the first half of the year, after releasing preliminary figures last week.The company said President Trump's tariffs will cost it 1.5 billion euros ($1.73 billion) in 2025, reports Yahoo Finance's Pras Subramanian.Subramanian writes:Read the full story here.27 mins agoAllie CanalConsumer confidence ticks higher in July, but job concerns persistConsumer confidence saw an uptick in July, with many Americans adjusting their expectations following a rebound from the lows triggered by President Trump's "Liberation Day" tariff announcements.However, confidence still lags the elevated levels observed last year, and labor market concerns remain top of mind, according to new data released Tuesday morning.The Conference Board's Consumer Confidence Index for July rose to 97.2, surpassing both June's revised figure of 95.2 and the 96.0 reading anticipated by economists."In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release.The "Present Situation Index," which measures consumers' assessment of current business and labor market conditions, fell 1.5 points to 131.5 in July.The "Expectations Index," which tracks consumers' short-term outlook for income, business, and labor market conditions, rose to 74.4 in February from 69.9 last month. Historically, a reading below 80 in that category signals a recession in the coming year.Notably, Americans’ appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest point since March 2021. In July, 18.9% of consumers reported that jobs were hard to get, up from 14.5% in January.According to Guichard, consumers' write-in responses highlighted that tariffs remained a significant concern, with many associating them with fears of rising prices.References to high prices and inflation also increased in July, even as consumers' average 12-month inflation expectations eased slightly to 5.8%, down from 5.9% in June and a peak of 7% in April.33 mins agoJosh SchaferJob openings slide in June, as hiring rate hits 7-month lowJob openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could start to cut interest rates again.New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had the highest number of job openings since November 2024.The Job Openings and Labor Turnover Survey (JOLTS) showed that 5.2 million hires were made in June, down from the 5.47 million in May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024.In one sign that workers remain cautious about labor market conditions, the quits rate — a sign of confidence among workers — hovered at 2%.Both the hiring and quits rates are floating near decade lows, reflecting what economists have described as a labor market in "stasis."39 mins agoJenny McCallRoyal Caribbean lifts annual profit forecast on steady cruise demandRoyal Caribbean's (RCL) stock fell 8% on Tuesday after the cruise line forecast its current-quarter profit below estimates. The company raised its annual forecast and is banking on resilient demand for its luxury destinations.Reuters reports:Read more here. 58 mins agoLaura BrattonP&G shares slip as it warns of $1 billion tariff hitProcter & Gamble (PG) stock dipped about 1%, reversing a slight pre-market gain, as the company took a cautious approach with its financial outlook while it navigates uncertain consumer sentiment and Trump's tariffs.Yahoo Finance's Brian Sozzi reports:Read the full story here.1 hr agoLaura BrattonTech leads stocks higher at the openThe tech-heavy Nasdaq Composite (^IXIC) led US stocks higher at the open on Tuesday morning with a 0.5% gain.Meanwhile, the S&P 500 (^GSPC) rose 0.2% on the heels of notching a sixth all-time closing high in a row on Monday. The Dow Jones Industrial Average (^DJI) opened roughly flat.Investors are digesting a wave of earnings reports and US trade data showing a sharp narrowing in the deficit (as tariffs loom). Meanwhile, they are looking ahead to the JOLTS job openings update for June at 10 a.m. ET. for labor market insight.Today at 1:00 PM UTCLaura BrattonMajor drugmakers trade mixed as financial updates come inAmong the top drugmakers reporting earnings on Tuesday, AstraZeneca (AZN, AZN.L) rose almost 2%, and Merck fell nearly 4% before the market open.British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period.Meanwhile, fellow pharma giant Merck (MRK) reported earnings below Wall Street's projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China.Investors are also bracing for patents for Merck's drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028.Also on Tuesday, Danish drugmaker Novo Nordisk's (NVO) stock plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6.Today at 12:30 PM UTCKaren FriarTrump's DOJ puts companies on notice: Don't evade tariffsThe Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump's tariffs, even as the legality of the president's "Liberation Day" duties remain unsettled in US courts.Yahoo Finance's Alexis Keenan reports:Read more here.Today at 12:13 PM UTCLaura BrattonNvidia leads Mag 7 higher on sign of 'enormous pent-up demand' from ChinaNvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher on Tuesday before the market open, climbing 1.4%.The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC."This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," Hedgeye Risk Management analyst Felix Wang wrote in a note to clients.Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%.Today at 11:05 AM UTCJenny McCallGood morning. Here's what's happening today.Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July)Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V)Here are some of the biggest stories you may have missed overnight and early this morning:The market is finally getting what it wants35 charts explain markets and the economy right nowUnitedHealth stock falls after reporting mixed Q2 earningsSarepta stock soars as FDA reverses course on gene therapy pauseSpotify stock slides after Q2 earnings and revenue missTrump's DOJ puts companies on notice on tariffsUS, EU rush to clinch final details and lock in trade dealApple to Shutter a Retail Store in China for the First Time EverStellantis faces $1.7B hit from US tariffs this yearToday at 10:52 AM UTCJenny McCallTrending tickers: UPS, Whilepool and Royal CaribbeanHere are some top stocks trending on Yahoo Finance in premarket trading:UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies.Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior.Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings.Today at 10:45 AM UTCKaren FriarThe market is finally getting what it wantsWall Street’s busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief:Read more here.Today at 10:43 AM UTCAllie CanalSpotify stock sinks after Q2 earnings missSpotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations.The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising.Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results.Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year.The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024."Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release.Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected.Spotify’s massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity.After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper.Read more here.Today at 10:24 AM UTCKaren FriarUnitedHealth stock slips after mixed Q2 resultsShares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture.Yahoo Finance's Anjalee Khemlani reports:Read more here. Today at 10:10 AM UTCKaren FriarSarepta stock rockets higher after FDA greenlightShares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy.The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt.Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product.AP reports:Read more here.Today at 5:57 AM UTCRian HowlettNvidia orders 300,000 H20 chips from TSMC to satiate Chinese demandReuters reports:Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile.Read more here. Today at 5:20 AM UTCRian HowlettOil maintains gains with tariffs and OPEC+ supply in sightOil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table.Bloomberg reports:Read more here.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,395.42 +5.65 (+0.09%)Dow 3044,750.95 -86.61 (-0.19%)Nasdaq21,217.71 +39.13 (+0.18%)Russell 20002,263.22 +6.49 (+0.29%)VIX14.85 -0.18 (-1.20%)Gold3,322.90 +12.90 (+0.39%)PortfolioSign in to access your portfolioSign inTop gainersAMKR Amkor Technology, Inc. 25.94 +4.71 (+22.19%)CLS Celestica Inc. 203.80 +30.43 (+17.55%)PII Polaris Inc. 59.18 +9.70 (+19.60%)SANM Sanmina Corporation 114.78 +16.43 (+16.71%)GTLS Chart Industries, Inc. 198.85 +27.20 (+15.85%)Top losersNVO Novo Nordisk A/S 54.84 -14.16 (-20.52%)EXEL Exelixis, Inc. 37.47 -6.92 (-15.59%)STEM Stem, Inc. 16.22 -2.69 (-14.22%)HRI Herc Holdings Inc. 130.19 -19.69 (-13.14%)CHPT ChargePoint Holdings, Inc. 8.72 -1.19 (-12.03%)Most activeSOFI SoFi Technologies, Inc. 24.14 +3.12 (+14.85%)NVO Novo Nordisk A/S 54.84 -14.16 (-20.52%)NVDA NVIDIA Corporation 178.30 +1.55 (+0.88%)LCID Lucid Group, Inc. 2.5771 -0.2129 (-7.63%)AMD Advanced Micro Devices, Inc. 181.29 +7.63 (+4.39%)Earnings eventsTrending tickersSOFI SoFi Technologies, Inc. 24.17 +3.15 (+14.99%)NVO Novo Nordisk A/S 54.41 -14.60 (-21.15%)UNH UnitedHealth Group Incorporated 270.60 -11.52 (-4.08%)PYPL PayPal Holdings, Inc. 71.41 -6.82 (-8.71%)SPOT Spotify Technology S.A. 638.20 -62.78 (-8.96%)Top economic events