WASHINGTON (dpa-AFX) - After coming under pressure early in the session, stocks have regained ground over the course of the trading day on Tuesday. The Nasdaq and the S&P 500 have climbed well off their worst levels of the day but remain in negative territory.
Currently, the tech-heavy Nasdaq is down 97.19 points or 0.5 percent at 20,876.98 and the S&P 500 is down 8.28 points or 0.1 percent at 6,297.32.
The narrower Dow, on the other hand, is posting a modest gain, up 17.68 points or less than a tenth of a percent at 44,340.75.
Profit taking contributed to the initial weakness on Wall Street after the Nasdaq and the S&P 500 ended the previous session at record closing highs, with a negative reaction to some of the latest earnings news also weighing on the markets.
Shares of General Motors (GM) have plunged by 7.3 percent after the automaker reported second quarter earnings that exceeded analyst estimates but were down sharply year-over-year.
Leading global security, defense and aerospace contractor Lockheed Martin (LMT) has also tumbled by 6.1 percent after reporting weaker than expected second quarter revenues.
Overall trading activity remains somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Traders are also looking ahead to the release of quarterly results from Google parent Alphabet (GOOGL) and electric car maker Tesla (TSLA) after the close of trading on Wednesday.
Sector News
Despite the pullback by the broader markets, housing stocks have shown a substantial move to the upside on the day, driving the Philadelphia Housing Sector Index up by 4.9 percent.
D.R. Horton (DHI) has helped lead the sector higher, soaring by 14.0 percent after reporting better than expected fiscal third quarter results.
Significant strength is also visible among gold stocks, as reflected by the 2.1 percent jump by the NYSE Arca Gold Bugs Index. With the gain, the index has reached its best intraday level in over twelve years.
Steel, healthcare and pharmaceutical stocks are also seeing notable strength on the day, while semiconductor and computer hardware stocks have moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index slipped by 0.1 percent, while China's Shanghai Composite Index climbed by 0.6 percent.
Meanwhile, European stocks have moved mostly lower on the day. The German DAX Index is down by 1.2 percent and the French CAC 40 Index is down by 0.8 percent, although the U.K.'s FTSE 100 Index has bucked the downtrend and inched up by 0.1 percent.
In the bond market, treasuries are seeing further upside following the notable advance seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.4 basis points at 4.336 percent.
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