11:51 AM EDT, 07/22/2025 (MT Newswires) -- The Nasdaq Composite and S&P 500 were down in late-morning trading Tuesday, while the Dow Jones was up slightly, as earnings reports from big-name companies continued to pour in.

Treasury Secretary Scott Bessent said Tuesday that he will meet with his counterparts from China on Monday and Tuesday in Stockholm, according to media reports.

In company news, Microsoft ( MSFT ) said Tuesday it has observed two Chinese nation-state actors and another China-based threat actor exploiting vulnerabilities to attack on-premises SharePoint servers. The two Chinese nation-state actors were identified by Microsoft ( MSFT ) as Linen Typhoon and Violet Typhoon, while the other China-based actor was tracked as Storm-2603. The attacks, flagged by Microsoft ( MSFT ) on Friday, exploited a spoofing vulnerability and a remote code vulnerability, the company said. Microsoft ( MSFT ) shares were down 0.4% around midday.

General Motors ( GM ) reported Q2 adjusted earnings Tuesday of $2.53 per diluted share, down from $3.06 a year earlier but above the FactSet consensus analyst estimate of $2.34. Second-quarter revenue was $47.12 billion, down from $47.97 billion a year earlier but above the FactSet consensus of $45.84 billion. For 2025, the automaker said it expects adjusted EPS of $8.25 to $10. Analysts expect $9.31. General Motors ( GM ) said it suffered a $1.1 billion impact from tariffs in Q2 and expects a worse impact in Q3. The company said it is taking steps to reduce at least 30% of the gross tariff impact in 2025 by making adjustments to manufacturing, targeting cost-reduction initiatives and consistent pricing. General Motors ( GM ) shares were down nearly 7%.

Coca-Cola (KO) reported Q2 comparable earnings Tuesday of $0.87 per diluted share, up from $0.84 a year earlier and above the FactSet consensus estimate of $0.83. Second-quarter net operating revenue was $12.54 billion, up from $12.36 billion a year ago but below the FactSet estimate of $12.57 billion. For full-year 2025, the company said it expects comparable EPS growth of around 3%, compared with its prior outlook of 2% to 3%. The beverage maker also said it plans to launch a product containing US cane sugar following President Donald Trump's post on Truth Social that he has urged the company to switch to cane sugar. Coca-Cola shares were down almost 1%.

Kohl's (KSS) shares were up over 38% in late morning trading Tuesday despite no corporate announcements or major stock ratings, echoing other meme stock rallies of recent years.

Lockheed Martin ( LMT ) reported Q2 earnings Tuesday of $1.46 per diluted share, down from $6.85 a year earlier and below the FactSet expectation of $6.57. Second-quarter sales were $18.16 billion, up from $18.12 billion a year ago but below the FactSet consensus estimate of $18.57 billion. The defense contractor lowered its 2025 diluted EPS guidance to a range of $21.70 to $22 from $27 to $27.30. Analysts expect $27.42. Lockheed shares were down more than 8%.

Philip Morris International ( PM ) reported Q2 adjusted earnings Tuesday of $1.91 per diluted share, up from $1.59 a year earlier and above the FactSet expectation of $1.86. Second-quarter revenue was $10.14 billion, up from $9.47 billion a year ago but below the FactSet estimate of $10.32 billion. For full-year 2025, the company said it expects adjusted EPS of $7.43 to $7.56. Analysts expect $7.49. Philip Morris ( PM ) said it expects full-year 2025 net revenue growth of 6% to 8%. For Q3, the company expects adjusted EPS of $2.08 to $2.13. Analysts polled by FactSet expect $2.14. Philip Morris ( PM ) shares were down over 7%.

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