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 a few 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 Justice Department wants to interview Jeffrey Epstein s former girlfriend Ghislaine Maxwell Can you ever expect privacy in masses Coldplay kiss camera saga tells us a lot about the answer San Francisco to ban homeless people from living in RVs with new parking limit In contemporary times in History July First solo around-the-world flight Mountain lion bites -year-old on popular national park trail injuring child General Motors dropped despite reporting a stronger profit for the spring than analysts expected The automaker commented 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 mentioned 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 particular homebuilders after they stated stronger profits for the spring than Wall Street had forecast D R Horton rallied and PulteGroup rose That was even as both companies stated customers are continuing to deal with challenging conditions including higher mortgage rates and an uncertain financial market So far the U S economic activity 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 agreement 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 in the present in effect along with its updated expectations for business conditions in the second half of the year Its stock rose after it disclosed 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 declared that higher prices that it charged helped offset sales of fewer cases during the spring In the bond area 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 input about how Trump s tariffs are affecting inflation and the financial market 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 poll The Nikkei shed Analysts revealed the domain 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 voting Sunday But the results have only added to political uncertainty and left his administration without the heft needed to push through measure A breakthrough in business 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