US stocks edge up to another record as GM and others show how tariffs are impacting them

NEW YORK (AP) - US stocks drifted to another record following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump's tariffs are hurting or helping them. The S&P 500 rose 0.1% Tuesday to beat the all-time high it set a day earlier. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite fell 0.4% from its record.

General Motors dropped 8.1% despite reporting a stronger profit than expected, as it still sees a $4 billion to $5 billion hit this year because of tariffs. Homebuilders soared following their better-than-forecast profit reports.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

NEW YORK (AP) - Wall Street is hanging around its records on Tuesday following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump's tariffs are hurting or helping them.

The S&P 500 was 0.1% higher in late trading and on track to squeak to another all-time high. The Dow Jones Industrial Average was up 164 points, or 0.4%, with an hour remaining in trading, and the Nasdaq composite was down 0.2% after setting its own record.

General Motors dropped 7.5% despite reporting a stronger profit for the spring than analysts expected. The automaker said it's still expecting a $4 billion to $5 billion hit to its results over 2025 because of tariffs and that it hopes to mitigate 30% of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring.

That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 16.5%, and PulteGroup jumped 11.4%. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy.

So far, the U.S. economy seems to be powering through all the uncertainty created by Trump's on-and-off tariffs. Many of Trump's stiff proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the proposed tariffs before they kick in.

Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate "all U.S. tariffs currently in effect," along with its updated expectations for business conditions in the second half of the year.

Its stock rose 6.5% after it reported a stronger profit for the latest quarter than analysts expected.

RTX fell 1.2% after cutting its forecast for profit in 2025 but also raising its forecast for revenue. It made the changes to incorporate what CEO Chris Calio called "our current assessment of the impact of tariffs," along with other changes anticipated from Washington’s recent approval of big tax changes.

Coca-Cola slipped 0.7% even though it delivered a stronger profit than forecast. Its revenue for the quarter only edged past analysts' expectations, and it said that higher prices that it charged helped offset sales of fewer cases during the spring.

Opendoor Technologies, a company that’s caught interest among investors looking for the next "meme stock" that could rise regardless of how its profits are doing, lost momentum and dropped 10.7% to $2.86. It had climbed as high as $3.99 in the morning, more than quintuple its price of 78 cents from just two Fridays ago.

In the bond market, Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates.

Fed Chair Jerome Powell has been insisting he wants to see more data about how Trump's tariffs are affecting inflation and the economy before the Fed makes its next move. That's despite often angry criticism from Trump, who has been lobbying for more cuts to rates to happen sooner.

The yield on the 10-year Treasury eased to 4.33% from 4.38% late Monday.

In overseas markets, Japan's benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition's loss of its upper house majority in Sunday's election. The Nikkei 225 shed 0.1%.

Analysts said the market initially climbed on relief that Prime Minister Shigeru Ishiba vowed to stay in office despite a loss for his ruling coalition in an upper-house election Sunday. But the results have only added to political uncertainty and left his government without the heft needed to push through legislation.

A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there's been scant sign of progress in negotiating away the threat of higher tariffs on Japan's exports to the U.S. beginning Aug. 1.

Indexes were mixed elsewhere in Asia and Europe.