(Updates with market close)

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Tariffs take $1 billion bite from GM earnings, shares

tumble

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RTX down after cutting 2025 profit forecast

By Noel Randewich and Pranav Kashyap

July 22 (Reuters) - Wall Street shares ended mixed on

Tuesday, with steep losses in General Motors ( GM ) and a gain in Tesla

as investors focused on recent and upcoming quarterly reports

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

GM tumbled after the automaker reported a $1 billion hit

from tariffs to its quarterly results, adding more fuel to

investor concerns about U.S. President Donald Trump's global

trade policy. Shares of Ford Motor ( F ) also fell.

Tesla climbed a day before its quarterly report, while

Alphabet, also reporting on Wednesday, also rose.

Optimism about heavy spending on artificial intelligence has

underpinned a rally in Wall Street's most valuable companies,

with the S&P 500 trading around record highs.

"The market is consolidating recent gains and is in a bit of

a holding pattern with some huge catalysts over the next week or

two, including the August 1 tariff deadline and a lot of

important Magnificent Seven earnings," said Ross Mayfield, an

investment strategy analyst at Baird.

Other Big Tech stocks lost ground, with Meta Platforms ( META )

and Microsoft ( MSFT ) both closing lower.

Shares of RTX dropped after the aerospace and defense

giant took a hit from Trump's trade war despite strong demand

for its engines and aftermarket services.

Lockheed Martin ( LMT ) tumbled after its quarterly profit

plunged by about 80%.

U.S. trade policy remains a major point of uncertainty for

investors and companies as Trump's self-imposed August 1

deadline for many countries to reach agreements with the White

House approaches.

U.S. Treasury Secretary Scott Bessent said he would meet his

Chinese counterpart next week to discuss an extension to the

August 12 deadline set for tariffs on imports from China.

Other trade negotiations appeared stalled, with optimism for a

breakthrough deal with India waning and EU officials weighing

countermeasures against the United States.

According to preliminary data, the S&P 500 gained

4.30 points, or 0.07%, to end at 6,309.90 points, while the

Nasdaq Composite lost 81.24 points, or 0.39%, to

20,892.93. The Dow Jones Industrial Average rose 175.77

points, or 0.40%, to 44,498.84.

Philip Morris ( PM ) slumped after reporting second-quarter

revenue below expectations, as shipments of its ZYN nicotine

pouches disappointed investors.

Analysts on average expected S&P 500 companies to report a

7% increase in earnings for the second quarter, with technology

heavyweights driving much of that gain, according to LSEG

I/B/E/S.

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

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

next week's policy meeting. They now see about a 60% chance of a

reduction in September, according to the CME's FedWatch tool.