Heavy police activity reported near Westfield Old Orchard Mall ...Middle East

The S&P 500 closed lower on Tuesday as progress on trade talks with Beijing stalled and traders braced for the Federal Reserve’s rate decision.

The broad market index lost 0.3%. The Nasdaq Composite slipped 0.4%. Both indexes touched fresh all-time highs earlier in the day. The Dow Jones Industrial Average fell 204 points, or 0.5%. Selling pressure intensified in the final hour of trading, bringing the S&P 500 to its low for the day.

Investors trimmed some bets on risk assets after stocks came roaring back in recent months from their April lows, helped by progress in trade talks between the U.S., Japan and the European Union. Talks with China have been less certain, with U.S. negotiators ending negotiations with their Beijing counterparts on Tuesday, while a potential extension of a pause on higher China tariffs remained up in the air. Negotiators also said that such a reprieve wouldn’t be final until President Donald Trump signs off.

Traders evaluated some mixed results on Tuesday. Shares of Boeing were lower even after a solid earnings print as the company delivered the most airplanes since 2018. Procter & Gamble stock inched lower despite a better-than-expected full-year revenue forecast and the naming of an insider as CEO.

Other corporate results have missed the mark, with shipping giant and consumer bellwether UPS posting an earnings shortfall and not issuing guidance. Whirlpool missed second-quarter analyst estimates and slashed its dividend.

This week is a key stretch for corporate earnings, with “Magnificent Seven” names Meta Platforms, Microsoft, Apple and Amazon all set to report results on Wednesday and Thursday. As it stands, 199 S&P 500 companies have reported their quarterly results, and nearly 82% have beaten expectations on earnings, according to FactSet data.

The looming Federal Reserve interest rate decision on Wednesday also weighed on equities. The central bank is largely expected to keep its benchmark unchanged at a range of 4.25% to 4.5%. Investors will also parse a slew of economic data this week, including a reading of gross domestic product and private payroll data due out Wednesday. Wall Street will cap off the data-heavy week with the key July jobs report on Friday.

“The market has had a strong run and is now in digestion mode. Some technical indicators suggest a pullback may be coming,” said Jay Woods, chief global strategist at Freedom Capital Markets. “This is a pause, a period to focus on individual names driven by earnings, while the broader market watches how the Fed’s narrative evolves.”

“Hopefully, we’ll get some clarity after Wednesday’s press conference,” he added.

While investors looked past the U.S.-EU trade deal, they will be watching for any other potential deals between the U.S. and other countries, such as China, to be announced by Friday’s tariff deadline. Top U.S. and Chinese officials met in Stockholm Monday for another round of trade talks. Tariffs and inflation will remain a focal point throughout the week in other areas as well.

July’s nonfarm payrolls on Friday will be a key event for traders. Economists polled by Dow Jones expect the report to show 100,000 jobs added in July, less than the 147,000 added in June. The unemployment rate is anticipated to rise slightly to 4.2% from 4.1%.

UPS plunges 10% after failing to provide full-year guidance

Shares of United Parcel Service tumbled 10% on Tuesday after the shipping company failed to provide revenue and operating profit guidance, citing macroeconomic uncertainty.

For its second quarter the company posted adjusted earnings of $1.55 per share, slightly missing the $1.56 per share analysts surveyed by LSEG had penciled in.

On Wednesday, Bank of America downgraded the stock to a neutral rating from buy. Analyst Ken Hoexter also cut his price target to $98 per share from $115.

— Lisa Kailai Han

Eli Lilly shares sink 5% after Novo Nordisk reports Wegovy demand weaker than expected

Investors may be harboring some doubts about obesity drug demand in the wake of Novo Nordisk’s profit warning. The pharma company blamed weak sales of Wegovy in the U.S. for the shortfall. Novo’s stock fell more than 20% on Tuesday, which means year-to-date losses now tally almost 37%.

Eli Lilly, which makes rival drug Zepbound, also showed weakness during Tuesday’s session. Shares were recently down more than 5%. While Lilly shares have fared better than its rival, the stock is now in the red for the year, down about 1% year to date.

Lilly is scheduled to report earnings on Aug. 7. Until then, investors will need to wonder whether Novo’s sluggish sales reflect market share gains made by Zepbound or if cheap compounded knockoff drugs are hurting both obesity drug brands.

—Christina Cheddar Berk

Tariffs will still deal a blow to economic growth despite recent progress, says UBS

Investors should remain vigilant and not look past the potential risks of tariffs, according to UBS.

“The impact of tariffs can’t be overlooked even though recent deals have provided greater clarity. While the 15% tariff rate on most EU and Japanese goods was lower than earlier threats from the U.S., the higher levies will still create headwinds for growth,” said Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management.

“While our base case is that the resilience of the US consumer should help the U.S. economy avoid recession, a larger-than-expected impact on inflation or more severe hit to corporate margins could quickly change the current optimistic market narrative,” she added.

— Brian Evans

‘Unintended silver lining’ from trade talks might be boost to U.S. and others’ exports, JPMorgan says

“The lowering of tariff rates on U.S. exports” will serve as “an overlooked positive offset to the trade war growth drag,” according to a note published Monday by JPMorgan economists Jahangir Aziz and Bruce Kasman.

While the direct benefits of opening the world to U.S. exports “will provide only a modest offset to the tariff drag on U.S. growth,” the real benefit comes from the way in which the “interaction with the Most Favored Nation (MFN) principle under the [World Trade Organization] arrangement could generate broader benefits,” the economists said.

The MFN rules require “equal treatment among trading partners, such that any reduction in import tariffs a country provides to another has to be extended to all MFN partners,” JPMorgan said.

As a result, lower tariffs on U.S. exports could also boost exports from developing nations, so long as a country has MFN status, the economists wrote. “[A]n economy lowering tariffs on goods imported from the U.S. will need to extend this reduction to all MFN countries. This is the unintended silver lining of the trade deals … This aspect of a trade deal with the U.S. has not been fully incorporated in our or the market’s analysis to date, especially its distributional impact, i.e., who wins and who loses. For example, a deal with the U.S. where a country lowers import tariffs on agricultural imports can benefit a third country much more than the U.S.”

— Scott Schnipper

Bitmine shares slide after crypto accumulator announces stock buyback intent

Shares of Bitmine Immersion Technologies are tumbling this week amid investor worries that potential dilution could reduce their holdings’ value. Shares fell another 12% Tuesday, despite the company announcing a $1 billion stock buyback, after losing more than 11% Monday.

The bitcoin miner and ether treasury company chaired by Tom Lee filed a prospectus supplement on Thursday raising the total value of shares it can sell to the public over time to $4.5 billion, up from $2 billion — of which $1.83 billion has already been sold.

At the end of June, Bitmine announced a $250 million private placement to implement a buying strategy around ether, which it aims to make its primary treasury reserve asset while continuing with its core bitcoin mining business. The stock rallied more than 500% that day. It’s now up just 3% for the month.

Other ether treasury companies fell with Bitmine. Sharplink lost 11% and Bit Digital was down more than 7%.

— Tanaya Macheel

Palo Alto Networks in talks to buy CyberArk Software, WSJ reports; CyberArk shares rally

Cybersecurity giant Palo Alto Networks is in talks to buy its smaller peer CyberArk Software, The Wall Street Journal reported, citing people familiar with the matter.

A deal could be finalized as early as later this week, the people told the Journal, and it could value CyberArk at more than $20 billion.

Shares of CyberArk surged 12% in midday trading, while Palo Alto lost around 3%.

—Darla Mercado

Sarepta snags upgrade to outperform at Oppenheimer after putting Elevidys back on the market

Oppenheimer is making a bold call and upgrading shares of Sarepta Therapeutics to outperform as the Food and Drug Administration removes the voluntary hold of the company’s Elevidys gene therapy for ambulatory patients.

The agency is continuing to examine the treatment for Duchenne musclar dystrophy, a severe genetic disorder that progressively weakens a patient’s muscles. The FDA review came after three patients died. Two were taking Elevidys, while the third was enrolled in a separate trial for another experimental therapy developed by Sarepta. Notably both of the Elevidys patients were non-ambulatory.

“FDA’s review should provide strong endorsement of ELEVIDYS in ambulatory setting,” wrote analyst Andreas Argyrides, in a research note. He expects the stock to recover as the regulatory cloud is lifted.

Sarepata shares are down 86% year to date, but the stock is rallying nearly 25% on Tuesday on the news.

The stock had closed at $13.86 on Monday, and Oppenheimer predicts it could return to $37 over the next 12 to 18 months, or a 167% gain. Even if that occurs, Sarepta will be trading far below its 52-week high of $150.48, a year ago today.

—Christina Cheddar Berk

Job openings saw a decrease in June

Job openings slipped in June to their lowest level since March, the Bureau of Labor Statistics reported Tuesday.

Available positions totaled 7.44 million, down 275,000 from the prior month and little changed from a year ago, according to the bureau’s Job Openings and Labor Turnover Survey. The openings rate as a share of the labor force decreased to 4.4%, down 0.2 percentage point.

Hires also fell, down by 261,000 to 5.2 million, while total separations also were off by 153,000. Quits, a measure of worker confidence in the ability to leave one job for another, fell slightly to 3.14 million.

—Jeff Cox

Fed Governor Kugler will not be at this week’s meeting

Federal Reserve Governor Adriana Kugler will not be present at this week’s policy meeting, a central bank spokesman said Tuesday.

Kugler, a permanent voting member on the Federal Open Market Committee, is off for an unspecified personal matter. No further information was available.

Though the FOMC has five alternates, the Fed does not use them to replace governors, so there will be only 11 voters this week. Kugler’s term ends in January 2026. In recent speeches, she has advocated a cautious approach to cutting rates and was largely expected to be with the consensus Wednesday in voting to hold again.

—Jeff Cox

S&P 500, Nasdaq Composite open at fresh records

The S&P 500 and Nasdaq Composite hit fresh record-highs at the opening bell on Tuesday, as investors await Federal Reserve’s interest rate decision and also parse rolling corporate earnings.

The broad market index added 0.2%, while the Nasdaq climbed 0.5%. The Dow Jones Industrial Average hovered near the flatline.

— Brian Evans

Goldman Sachs raises Sphere Entertainment price target, reiterates buy rating

In a Monday note, Goldman Sachs reiterated its buy rating on live entertainment and media company Sphere Entertainment.

Goldman analyst Stephen Laszcyzk’s new price target of $50 per share, raised from $45, implies that shares of Sphere Entertainment could rise 14% from their Monday close. The stock has popped nearly 9% this year.

As a catalyst, Laszcyzk pointed to Sphere’s completion of a definitive agreement with the Abu Dhabi Department of Culture and Tourism to construct Sphere Abu Dhabi, its first franchise.

“We believe the negotiated agreement between Sphere Entertainment and DCT Abu Dhabi is a positive for SPHR (Buy) because it i) increases visibility around the plan to open & operate a second Sphere within the near-to-medium-term (GSe 2028 opening) and ii) solidifies a franchise & royalty fee structure that can serve as a template for future Sphere franchise agreements globally,” the analyst wrote.

As another catalyst Laszcyzk highlighted the completion of MSG Networks’ Transaction Support Agreement. MSG, a wholly owned subsidiary of Sphere, had entered into the Transaction Support Agreement on April 24, 2025.

— Lisa Kailai Han

Stocks making the biggest moves before the bell: Novo Nordisk, Whirlpool and more

These are the stocks moving the most in premarket trading:

Read the full list of stocks moving here.

— Lisa Kailai Han

Boeing stock climbs after company notches most airplane deliveries since 2018

Boeing stock advanced 2.3% in the premarket on Tuesday, after the company posted a slimmer-than-expected quarterly loss. Boeing also delivered the most airplanes since 2018.

“If we continue to tackle the important work ahead of us and focus on safety, quality and stability, we can navigate the dynamic global environment and make 2025 our turnaround year,” CEO Kelly Ortberg said in a note to staff.

— Brian Evans

PayPal stock slips despite earnings beat

Shares of PayPal declined more than 2% on Tuesday morning, despite better-than-expected second-quarter results on the top and bottom line.

The company raised its full-year outlook for both earnings and transaction margin dollars. The latter is a key metric to measure profitability. Venmo saw payment volume jump 12% throughout the quarter, which the firm said is its highest growth rate in three years.

— Brian Evans

Novo Nordisk falls on lower full year guidance

Shares of Novo Nordisk pulled back nearly 13% in the premarket on Tuesday, after the pharmaceutical company slashed its full-year sales and operating outlook.

The firm cited expected lower growth this year for both Ozempic and Wegovy in the U.S. as drivers of the trimmed outlook.

— Brian Evans

Procter & Gamble CEO will step down from the role, shares are little changed

Jon Moeller, CEO of consumer goods giant Procter & Gamble, will step down from his role and become executive chairman of the company, effective Jan. 1, 2026.

Chief operating officer Shailesh Jejurikar will take the helm of the company as CEO at the start of the new year. The board has also nominated him to stand for election as a director at the annual shareholder meeting in October.

Shares of Procter & Gamble were little changed in extended trading. The stock is off more than 6% in 2025.

—Darla Mercado

Cadence Design Systems, Nucor, Whirlpool among the stocks making moves after the bell

Some stocks are making moves in extended trading Monday:

To view the full list of stocks, read here.

— Sean Conlon

Stock futures open little changed

U.S. stock futures opened little changed on Monday evening.

S&P 500 futures ticked up above the flatline just after 6 p.m. ET, as did Nasdaq 100 futures. Similarly, futures tied to the Dow Jones Industrial Average were flat.

— Sean Conlon

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