(For a Reuters live blog on U.S., UK and European stock

markets, click LIVE/ or type LIVE/ in a news window.)

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Futures: Dow down 0.11%, S&P 500 up 0.03%, Nasdaq down

0.05%

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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

(Updates with prices, analyst comment before the opening bell)

By Nikhil Sharma and Pranav Kashyap

July 22 (Reuters) -

Wall Street was on track for a mixed start on Tuesday as

investors weighed signs of potential trade deals between the

U.S. and its partners ahead of the August 1 tariff deadline and

assessed a spate of second-quarter company results.

At 08:31 a.m. ET, S&P 500 E-minis were up 1.75

points, or 0.03%, Nasdaq 100 E-minis were down 12.25

points, or 0.05%, and Dow E-minis were down 50 points,

or 0.11%.

U.S. stock futures trimmed early losses after 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 China.

With little more than a week to go before the August 1

deadline for most U.S. trading partners, Bessent emphasized on

Monday that the administration was prioritizing the quality of

trade deals over speed.

Meanwhile, trade talks have hit a roadblock as the European

Union weighs new countermeasures against the United States.

Hopes for an interim U.S. deal with India were fading, Indian

government officials said.

Wall Street's heavyweights are starting to feel the sting of

tariffs. General Motors ( GM ) saw its second-quarter core

profit tumble 32% to $3 billion, blaming steep tariff costs for

shaving $1.1 billion from its bottom line.

"Everyone's watching GM very closely, and the numbers did

disappoint and specifically related to tariffs," said Mark

Malek, chief investment officer at Muriel Siebert.

"The fact that they did come out and say that there's

going to be a forecast based on increases in tariffs is

something that is going to play out throughout the day."

The company's shares lost 2.3% in premarket trading, while

peer Ford also dipped 0.7%.

RTX cut its 2025 profit forecast as the aerospace

and defense giant took a hit from Trump's tariff war. Its shares

fell 1%.

Despite trade policy uncertainty out of Washington, the

resilience of the economy has propelled major indexes to fresh

all-time highs.

Still, a slew of positive earnings surprises has kept

markets near record territory. Analysts expect S&P 500 companies

to report a healthy 6.7% jump in second-quarter profits, with

Big Tech leading the charge, data compiled by LSEG showed.

Tuesday's cautious trading comes after a rollercoaster

session that ended with the S&P 500 and the Nasdaq

both notching record closes. Much of the action was

fueled by investors snapping up megacaps such as Alphabet

ahead of earnings.

Google-parent Alphabet and EV-maker Tesla will kick

off quarterly results for the "Magnificent Seven" stocks on

Wednesday.

Shares of Tesla were up 0.1% in premarket trading, having

fallen about 19% so far in 2025 amid CEO Elon Musk's political

involvement and challenges faced by its core business.

Following last week's mixed economic signals, traders have

all but ruled out a rate cut next week and now see about a 56%

chance of a reduction in September, according to the CME's

FedWatch tool.

Among other movers, U.S. coal miners Peabody Energy ( BTU )

and Warrior Met Coal ( HCC ) were up about 5% each as China's

coking coal prices surged amid market speculation about

government inspections in major production hubs.