11:39 AM EDT, 08/05/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Tuesday on the heels of a downbeat economic data report and President Donald Trump saying that tariffs on pharmaceuticals and chips were coming soon.

The Institute for Supply Management's US Services index fell to a reading of 50.1 in July from 50.8 in June, below expectations for an increase to 51.5 in a survey compiled by Bloomberg as of 7:35 a.m. ET.

In company news, Palantir Technologies ( PLTR ) reported Q2 adjusted earnings late Monday of $0.16 per diluted share, up from $0.09 a year earlier and above the FactSet consensus analyst estimate of $0.14. Second-quarter revenue was $1.00 billion, up from $678.1 million a year ago and above the FactSet consensus of $937.7 million. For Q3, the company expects revenue of $1.08 billion to $1.09 billion. Analysts expect $981.8 million. For full-year 2025, the company said it now expects revenue of $4.14 billion to $4.15 billion, up from the previous guidance of $3.89 billion to $3.90 billion. Analysts expect $3.89 billion. Palantir ( PLTR ) shares were up 7% around midday.

Caterpillar ( CAT ) reported Q2 adjusted earnings Tuesday of $4.72 per share, down from $5.99 a year earlier and below the FactSet consensus of $4.89. Second-quarter revenue was $16.57 billion, down from $16.69 billion a year ago but above the FactSet consensus of $16.30 billion. The company said it expects the full-year 2026 net impact from incremental tariffs to be about $1.3 billion to $1.5 billion. Caterpillar ( CAT ) shares were flat in recent trading.

Coinbase (COIN) shares fell after the company announced plans for a $2 billion private offering of convertible senior notes, evenly split between 2029 and 2032 maturities. Coinbase shares were down 5%.

Pfizer ( PFE ) reported Q2 adjusted earnings Tuesday of $0.78 per diluted share, up from $0.60 a year earlier and above the FactSet consensus of $0.58. Second-quarter revenue was $14.65 billion, up from $13.28 billion a year ago and above the FactSet estimate of $13.56 billion. For 2025, the drugmaker expects adjusted EPS to be between $2.90 and $3.10, up from its prior guidance of $2.80 to $3.00. Analysts expect $3.02. The company is having "productive" talks with government officials on pricing, executives said on an earnings call, according to media reports. Pfizer ( PFE ) shares were up 3.8%.

Hims & Hers Health ( HIMS ) reported Q2 earnings late Monday of $0.17 per diluted share, up from $0.06 a year earlier and above the FactSet consensus of $0.15. Second-quarter revenue was $544.8 million, up from $315.6 million a year ago but below the FactSet consensus of 4551.7 billion. For Q3, the company expects Q3 revenue of $570 million to $590 million. Analysts polled by FactSet expect $582.8 million. Hims shares were down 4.7%.

Molson Coors Beverage ( TAP/A ) reported Q2 adjusted earnings Tuesday of $2.05 per diluted share, up from $1.92 a year earlier and above the FactSet consensus of $1.82. Second-quarter revenue was $3.20 billion, down from $3.25 billion a year ago but above the FactSet estimate of $3.09 billion. For 2025, the beermaker expects net sales to decline 3% to 4%, compared with a prior outlook of a low-single-digit drop. Underlying diluted EPS are expected to fall 7% to 10%, compared to previous guidance of low-single-digit growth. Molson shares were up 1.4%.

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