Market Rollercoaster: Earnings and Tariffs Send Stocks on a Wild Ride!

Hang on tight, folks! The stock market kicked off Tuesday with a wild ride, leaving investors clutching their seats as they navigated through a storm of corporate earnings and the latest tariffs drama.

The Dow Jones Industrial Average teased us with a 25-point surge, while the S&P 500 and Nasdaq Composite played it cool, barely budging at 0.03% and -0.13% respectively. Tech stocks, fresh off a sixth straight winning session on Monday, are still feeling the high.

But hold up! Wall Street's mood took a nosedive thanks to some less-than-stellar corporate earnings. General Motors rolled in with a thud, reporting a whopping 32% drop in core profit. They dropped this bombshell before the market opened, revealing a brutal $1.1 billion hit to their second-quarter profits, all thanks to those pesky tariffs.

GM's stock took a dive as investors grappled with the news that tariffs could hit even harder this quarter. And hey, keep your eyes peeled for Alphabet and Tesla's earnings coming up on Wednesday—they could shake things up even more!

Meanwhile, Bitcoin (BTC) is showing some serious grit, bouncing back above $119k after a round of profit-taking and capital shuffling. Oil and gold? They're just chilling, staying flat.

Over in the bond world, the 10-year U.S. Treasury yield is inching up to 4.36%, the 2-year is holding steady at 3.84%, and the 30-year is nudging up one basis point to 4.93%.

U.S.-China Trade Agreement: The Drama Continues

Stocks have been riding the tariffs rollercoaster all year, and it's not slowing down! Investors are all ears for any news on the U.S.-China trade deal, especially with that Aug. 12 deadline looming.

U.S. Treasury Secretary Scott Bessent spilled the beans on Fox Business, hinting that the mid-May trade agreement might get an extension. He's set to meet his Chinese counterparts in Sweden next week, so stay tuned for more twists and turns!

Back in May, the two trading giants hit pause on most of the heavy-hitting tariffs for 90 days, giving stocks a much-needed boost. But don't forget, there's still an Aug. 1 deadline for tariffs against other major U.S. trading partners.

Federal Reserve Chair Jerome Powell in the Hot Seat

The U.S. Treasury yields are teetering on the edge, waiting for Federal Reserve Chairman Jerome Powell to drop some wisdom in his morning speech. And let me tell you, the pressure's on for Powell to step down.

U.S. Treasury Secretary Scott Bessent says Powell doesn't need to pack his bags just yet, but he's got a chance to cement his legacy as the central bank faces some serious heat over issues like that $2.5 billion.

President Trump's also thrown his two cents in, saying he won't fire Powell (which would probably spark a legal battle anyway). But hey, all eyes are on what Powell's going to say about tariffs and the U.S. economy, especially with the Fed's big meeting coming up on July 29. Buckle up, it's going to be a wild ride!