US stocks hang around their records as GM and others show how tariffs are impacting them

By STAN CHOE Associated Press Business Writer NEW YORK AP Wall Street is hanging around its records on Tuesday following specific 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 was virtually unchanged in early trading a day after inching to its latest all-time high The Dow Jones Industrial Average was up points or as of a m Eastern time and the Nasdaq composite was slipping after setting its own record Related Articles San Francisco to ban homeless people from living in RVs with new parking limit In current times in History July First solo around-the-world flight Beloved ballpark therapy bunny Alex The Great has died after complications from cancer Gen Xers mourn drowning death of actor Malcolm-Jamal Warner known as Theo on The Cosby Show Judge gives ex-officer nearly years in Breonna Taylor raid rebuffs DOJ call for no prison time General Motors dropped despite reporting a stronger profit for the spring than analysts expected The automaker mentioned it s still expecting a billion to billion hit to its results over because of tariffs and that it hopes to mitigate of that GM also explained 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 several homebuilders after they published stronger profits for the spring than Wall Street had forecast D R Horton rallied and PulteGroup rose That was even as both companies announced customers are continuing to deal with challenging conditions including higher mortgage rates and an uncertain financial system So far the U S commercial sector seems to be powering through all the uncertainty created by Trump s on-and-off tariffs A multitude of of Trump s stiff proposed taxes on imports are at the moment on pause and the next big deadline is Aug Talks are underway with other countries on workable business deals that could lower the proposed tariffs before they kick in But 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 right now in effect along with its updated expectations for business conditions in the second half of the year Its stock rose after it announced a stronger profit for the latest quarter than analysts expected Coca-Cola fell even though it likewise delivered a stronger profit than forecast Its revenue for the quarter only edged past analysts expectations and it explained that higher prices that it charged helped offset sales of fewer cases during the spring In the bond domain Treasury yields held relatively steady 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 figures about how Trump s tariffs are affecting inflation and the business activity 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 -year Treasury eased to from late Monday In stock markets abroad Japan s Nikkei initially jumped after reopening from a holiday on Monday but then fell back to a modest loss of In Asian trading 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 referendum The Nikkei shed Analysts announced the arena 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 poll Sunday But the results have only added to political uncertainty and left his governing body without the heft needed to push through bill A breakthrough in commerce 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 Indexes were mixed elsewhere in Asia and dipped across much of Europe AP Business Writers Matt Ott and Elaine Kurtenbach contributed