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Indexes: Dow up 0.11%, S&P 500 down 0.1%, Nasdaq down

0.48%

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Tariffs take $1 bln bite from GM earnings, shares fall

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RTX down after cutting 2025 profit forecast

(Updated with early afternoon prices, analyst comment)

By Nikhil Sharma and Pranav Kashyap

July 22 (Reuters) -

The Nasdaq was pressured by falling megacap stocks on

Tuesday, a day before major tech results are due, while

investors assessed a spate of second-quarter corporate earnings

and watched for signs of progress in U.S. trade discussions.

At 11:25 a.m. ET, the Dow Jones Industrial Average

rose 53.78 points, or 0.11%, to 44,372.37, the S&P 500

lost 6.56 points, or 0.10%, to 6,298.48 and the Nasdaq Composite

lost 100.59 points, or 0.48%, to 20,874.05.

Heavyweight tech names were the biggest losers. Amazon ( AMZN )

fell 1%, Meta Platforms ( META ) shed 1.1%, Nvidia ( NVDA )

was down 1.6% and Broadcom ( AVGO ) lost 2.3%.

The S&P's technology sector led sectoral

losses and dropped 0.9%, cooling from a record high in the

previous session.

"Traders are just trying to position a little... because

it's (technology) had such a big run. Some might be hedging a

little bit before the earnings," said Max Wasserman, senior

portfolio manager at Miramar Capital.

Some underwhelming corporate results also dimmed

sentiment. General Motors ( GM ) saw its second-quarter profit

skid 32% to $3 billion, with the automaker blaming hefty tariff

costs for carving out $1.1 billion from its results. Its shares

lost 6.9%, while peer Ford dipped 1%.

Tariff actions also weighed on RTX and the defense

company slashed its 2025 profit outlook, sending its shares down

2.2%.

Lockheed Martin ( LMT ) did not fare much better - its

second-quarter profit nosedived nearly 80% after booking a hefty

$1.6 billion in pre-tax losses.

The ever-evolving nature of tariff headlines also had

investors on edge as the August 1 deadline set by U.S. President

Donald Trump for most countries approaches.

Treasury Secretary Scott Bessent announced plans to meet his

Chinese counterpart next week, potentially discussing an

extension to the August 12 deadline set for tariffs on imports

from China.

Meanwhile, trade negotiations stalled, with optimism for a

breakthrough deal with India waning, according to Indian

government officials, and as the EU weighed new countermeasures

against the United States.

Focus will shift to results for Google-parent Alphabet

and EV-maker Tesla as they kick off quarterly

earnings for the "Magnificent Seven" stocks on Wednesday.

Alphabet's shares dipped 0.4%, while Tesla edged up

0.5%. Elevated earnings expectations for these stocks are

already priced to justify their stretched valuations, leaving

little room for disappointment.

"Unless you get real bad news or something that

indicates a slowdown in the rate of growth, you could see a

selloff," Wasserman said.

The healthcare sector jumped 1.2% to lead sectoral

gains after declining for the last three sessions.

Meanwhile, Philip Morris ( PM ) fell 8.2% after reporting

second-quarter revenue below expectations.

Of the 89 S&P 500 companies that have reported

second-quarter earnings so far, 78.7% surpassed analyst

expectations, according to data compiled by LSEG.

After last week's mixed economic data, traders have all but

ruled out an interest-rate cut from the U.S. Federal Reserve

next week. They now see about a 60% chance of a reduction in

September, according to the CME's FedWatch tool.

Advancing issues outnumbered decliners by a 2.17-to-1

ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.

The S&P 500 posted 15 new 52-week highs and no new lows,

while the Nasdaq Composite recorded 45 new highs and 36 new

lows.