FX.co ★ US Stocks Trade Mixed

On Thursday, the US stock market presented a mixed outlook as investors weighed new domestic trade policies against major tech sector earnings. The S&P 500 and the Nasdaq 100 saw marginal gains, sufficient to revisit their record highs, whereas the Dow experienced a decline of over 300 points. Alphabet saw its stock rise by 4% following an impressive earnings report for the June quarter, alongside an announcement to boost AI spending by $10 billion this year. Conversely, Tesla's stock fell 7%, as it failed to meet earnings and revenue expectations, with CEO Elon Musk cautioning about "challenging quarters" ahead due to declining sales in Europe, tariffs, and the termination of electric vehicle tax credits. IBM's shares also dropped by 6%, and American Airlines' shares plunged by 10% after their respective earnings releases. In trade policy updates, reports suggested that the EU and the US were nearing an agreement on a 15% tariff, which is lower than the previously threatened 30%. Moreover, President Trump mentioned that tariffs on other countries might range from 15% to 50%, exceeding the Liberation Day threshold, which had previously sparked a sell-off in US assets.