Wall Street approached its record highs with a mixed bag of profit reports. General Motors' stock declined 5.8% despite exceeding profit expectations, largely due to anticipated tariff impacts. The S&P 500 dipped slightly, while the Dow showed modest gains. Homebuilders like D.R. Horton and PulteGroup reported better-than-forecast profits, despite facing difficult market conditions. The U.S. economy continues to navigate uncertainty from tariffs, which are currently paused, with ongoing trade discussions aiming for potential tariff reductions. Genuine Parts adjusted its profit forecast due to tariffs but experienced stock growth following better-than-expected quarterly profits.
General Motors reported a stronger profit for the spring than analysts expected, but still anticipates a $4 billion to $5 billion hit to its results over 2025 due to tariffs.
Despite posting a stronger profit than expected, General Motors experienced a drop of 5.8% in stock value, reflecting concerns about the impact of tariffs.
Housing companies like D.R. Horton and PulteGroup saw significant profit gains, with respective increases of 14.5% and 9.2%, despite ongoing challenges for homebuyers.
Genuine Parts adjusted its profit forecast for the year to account for current U.S. tariffs, yet managed a 5.5% stock increase due to reporting a stronger profit.
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