| Name | Price | Change | % Chg |
|---|---|---|---|
| Dow | 44,323.07 | -19.12 | -0.04% |
| S&P 500 | 6,305.60 | 8.81 | 0.14% |
| Nasdaq | 20,974.17 | 78.52 | 0.38% |
| VIX | 16.65 | 0.24 | 1.46% |
| Gold | 3,440.80 | -2.90 | -0.08% |
| Oil | 67.13 | -0.07 | -0.10% |
OVERVIEW OF THE US MARKET
The S&P 500 finished flat despite gains by more than 400 of its members, as a gauge of the “Magnificent Seven” giants halted a nine-day advance.
The broad index advanced 0.1% to 6309.62. The Dow Jones Industrial Average rose 179 points, or 0.4%, to 44502.44. The technology-heavy Nasdaq Composite Index fell 0.4% to 20892.68, retreating from the record it reached on Monday, weighed down by a decline in tech stocks such as Nvidia
Investors also digested a slew of fresh earnings reports on Tuesday, some of which suggested that Trump’s tariffs are beginning to bite into corporate profits.
General Motors tumbled 8.1% after the automaker reported that new tariffs on imported cars and auto parts took a $1.1 billion bite out of its bottom line.
RTX fell 1.6% after the aerospace and defense company lowered its earnings forecast, citing tariffs.
Another big name in aerospace, Lockheed Martin, slid 11% after its second-quarter profit was hit by more than $1.7 billion in special charges, making it the worst-performing stock in the S&P 500 on Tuesday.
Home builders were among the index’s best performers. D.R. Horton and PulteGroup jumped 17% and 12%, respectively, after both companies beat analysts’ forecasts for quarterly earnings amid a difficult environment for the housing markets, which has slowed due to high mortgage rates.
The Magnificent Seven companies are expected to post a combined 14% rise in second-quarter profits, while earnings for the rest of the US equity benchmark are predicted to be relatively flat, according to Bloomberg Intelligence data.
Investors hope the trade pacts with the Philippines and Indonesia, which Trump announced in Truth Social posts on Tuesday afternoon, will be followed by further deals. Trump said U.S. exports to the Philippines would face “ZERO Tariffs,” while Indonesia would eliminate most of its tariffs on U.S. goods. In both cases, Trump said the U.S. would charge 19% rates on imports from the two countries.
Canada’s prime minister Mark Carney sought to cool expectations about reaching a deal in the next 10 days, but said he’s looking to stabilize the relationship with the US.
Meanwhile, US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts for trade talks in Stockholm next week, and will “be working out what is likely an extension” to the current Aug. 12 deadline for negotiations. He also said that the negotiations with China can now take on a broader array of topics, potentially including Beijing’s continued purchases of “sanctioned” oil from Russia and Iran.
OVERVIEW OF THE AUSTRALIAN MARKET
The S&P/ASX 200 finished up 9.0 points despite losses by more than half its members, as a surge in materials stocks offset persistent weakness in financials.
The broad index advanced 0.10% to 8,677.2. The All Ordinaries rose 15.7 points, or 0.17%, to 8,941.5. The technology-heavy All Tech Index gained 0.23% to 4,208.8, supported by a rebound in small-cap stocks.
Investors also digested corporate updates on Tuesday, with some suggesting resilience amid tariff pressures from Trump’s 30% threats on EU and Mexico goods due August 1.
Insignia Financial soared 12.2% after CC Capital agreed to acquire the wealth manager for $3.3 billion at $4.80 per share, marking a positive shift in takeover activity.
Materials stocks were among the index’s best performers. Rio Tinto jumped 3.4%, Fortescue added 3.3%, and BHP gained 2.6%, after iron ore prices hit five-month highs of $US104.10 on China’s Tibet dam project. Health care also shone, with CSL rising 3.4% to its highest since March, despite US tariff risks on pharmaceuticals.
Financials lagged, with Commonwealth Bank tumbling 3.1%—its biggest drop since April—bringing its decline from a recent peak to 9.9%, just shy of a technical correction. Westpac, ANZ, and National Australia Bank also weakened, dragging the sector down 1.66%.
Gold miners rallied, with Ramelius Resources surging 8.1% as gold prices reached five-week highs amid rising risk aversion ahead of tariff deadlines. On the downside, Strike Energy fell 15.63% due to a placement announcement.
Investors hope for trade pacts following Trump’s recent deals with the Philippines and Indonesia. Australia’s Prime Minister Anthony Albanese continues trade talks in China, aiming to stabilize regional ties. Focus shifts to today’s Australian PMI flash data.