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2w ago

S&P 500 Tops 6,300 as Tariffs Test Corporate Earnings

Trade-related profit squeezes have failed to shake investor confidence even as futures price in over 200 basis points of Fed easing by 2026.

Will Champion, Chris Martin, and Guy Berryman of Coldplay perform at Rogers Stadium on July 07, 2025 in Toronto, Ontario. (Photo by Robert Okine/Getty Images)
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2025. REUTERS/Brendan McDermid
NEW YORK, NEW YORK - JANUARY 22: Traders work on the floor of the New York Stock Exchange during morning trading on January 22, 2025 in New York City. Stocks continued an upward swing opening up high a day after the Dow Jones closed up 500 points and the S&P 500 approaching an all-time high. The rise comes after OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son and Oracle Chairman Larry Ellison made an announcement alongside President Donald Trump that they will create a new company, called Stargate, to grow artificial intelligence infrastructure in the U.S. (Photo by Michael M. Santiago/Getty Images)
Major construction work continues at the U.S. Federal Reserve building as U.S. President Donald Trump voices complaints about Fed Chair Jerome Powell, in Washington, D.C., U.S., July 14, 2025. REUTERS/Jonathan Ernst/File Photo

Overview

  • The S&P 500 closed at 6,309.62 on July 22, marking a second straight record high for the benchmark index.
  • Daily volatility has remained muted, with the S&P 500 not moving more than 1% in a single session for nearly a month despite a busy earnings calendar.
  • General Motors shares plunged over 8% after warning of a $4 billion to $5 billion tariff hit, and Lockheed Martin slid following a revenue and earnings shortfall.
  • Homebuilders D.R. Horton and PulteGroup surged after beating quarterly forecasts, while IQVIA led gains with stronger-than-expected results.
  • Fed funds futures are now pricing in more than 200 basis points of rate cuts by August 2026, a level history ties to recessionary pressures.