S&P 500 retreats from record, Dow falls 200 points with China talks in limbo and Fed decision ahead: Live updates

Stocks closed little connected Tuesday, arsenic investors crook their attraction to the Federal Reserve's involvement complaint decision.

The S&P 500 slipped 0.30% to adjacent astatine 6,370.86, portion the Nasdaq Composite mislaid 0.38% to 21,098.29. The Dow Jones Industrial Average slipped 204.57 points, oregon 0.46%, to decorativeness the league astatine 44,632.99.

— Brian Evans

UPS 5D chart

For its 2nd 4th the institution posted adjusted net of $1.55 per share, somewhat missing the $1.56 per stock analysts surveyed by LSEG had penciled in.

On Wednesday, Bank of America downgraded the banal to a neutral standing from buy. Analyst Ken Hoexter besides chopped his terms people to $98 per stock from $115.

— Lisa Kailai Han

Investors whitethorn beryllium harboring immoderate doubts astir obesity cause request successful the aftermath of Novo Nordisk's nett warning. The pharma institution blamed anemic income of Wegovy successful the U.S. for the shortfall. Novo's banal fell much than 20% connected Tuesday, which means year-to-date losses present tally astir 37%.

Eli Lilly, which makes rival cause Zepbound, besides showed weakness during Tuesday's session. Shares were precocious down much than 5%. While Lilly shares person fared amended than its rival, the banal is present successful the reddish for the year, down astir 1% twelvemonth to date.

Lilly is scheduled to study net connected Aug. 7. Until then, investors volition request to wonderment whether Novo's sluggish income bespeak marketplace stock gains made by Zepbound oregon if inexpensive compounded knockoff drugs are hurting some obesity cause brands.

—Christina Cheddar Berk

Investors should stay vigilant and not look past the imaginable risks of tariffs, according to UBS.

"The interaction of tariffs can't beryllium overlooked adjacent though caller deals person provided greater clarity. While the 15% tariff complaint connected astir EU and Japanese goods was little than earlier threats from the U.S., the higher levies volition inactive make headwinds for growth," said Ulrike Hoffmann-Burchardi, main concern serviceman for the Americas and planetary caput of equities astatine UBS Global Wealth Management.

"While our basal lawsuit is that the resilience of the US user should assistance the U.S. system debar recession, a larger-than-expected interaction connected ostentation oregon much terrible deed to firm margins could rapidly alteration the existent optimistic marketplace narrative," she added.

— Brian Evans

"The lowering of tariff rates connected U.S. exports" volition service arsenic "an overlooked affirmative offset to the commercialized warfare maturation drag," according to a enactment published Monday by JPMorgan economists Jahangir Aziz and Bruce Kasman.

While the nonstop benefits of opening the satellite to U.S. exports "will supply lone a humble offset to the tariff resistance connected U.S. growth," the existent payment comes from the mode successful which the "interaction with the Most Favored Nation (MFN) rule nether the [World Trade Organization] statement could make broader benefits," the economists said.

The MFN rules necessitate "equal attraction among trading partners, specified that immoderate simplification successful import tariffs a state provides to different has to beryllium extended to each MFN partners," JPMorgan said.

As a result, little tariffs connected U.S. exports could besides boost exports from processing nations, truthful agelong arsenic a state has MFN status, the economists wrote. "[A]n system lowering tariffs connected goods imported from the U.S. volition request to widen this simplification to each MFN countries. This is the unintended metallic lining of the commercialized deals ... This facet of a commercialized woody with the U.S. has not been afloat incorporated successful our oregon the market's investigation to date, particularly its distributional impact, i.e., who wins and who loses. For example, a woody with the U.S. wherever a state lowers import tariffs connected cultivation imports tin payment a 3rd state overmuch much than the U.S."

— Scott Schnipper

Shares of Bitmine Immersion Technologies are tumbling this week amid capitalist worries that imaginable dilution could trim their holdings' value. Shares fell different 12% Tuesday, contempt the institution announcing a $1 cardinal banal buyback, aft losing much than 11% Monday.

The bitcoin miner and ether treasury institution chaired by Tom Lee filed a prospectus supplement connected Thursday raising the full worth of shares it tin merchantability to the nationalist implicit clip to $4.5 billion, up from $2 cardinal — of which $1.83 cardinal has already been sold.

At the extremity of June, Bitmine announced a $250 cardinal backstage placement to instrumentality a buying strategy astir ether, which it aims to marque its superior treasury reserve plus portion continuing with its halfway bitcoin mining business. The banal rallied much than 500% that day. It's present up conscionable 3% for the month.

Other ether treasury companies fell with Bitmine. Sharplink mislaid 11% and Bit Digital was down much than 7%.

— Tanaya Macheel

Cybersecurity elephantine Palo Alto Networks is successful talks to bargain its smaller adjacent CyberArk Software, The Wall Street Journal reported, citing radical acquainted with the matter.

A woody could beryllium finalized arsenic aboriginal arsenic aboriginal this week, the radical told the Journal, and it could worth CyberArk astatine much than $20 billion.

CyberArk and Palo Alto Networks successful the past day

Shares of CyberArk surged 12% successful midday trading, portion Palo Alto mislaid astir 3%.

—Darla Mercado

Oppenheimer is making a bold telephone and upgrading shares of Sarepta Therapeutics to outperform arsenic the Food and Drug Administration removes the voluntary clasp of the company's Elevidys cistron therapy for ambulatory patients.

The bureau is continuing to analyse the attraction for Duchenne musclar dystrophy, a terrible familial upset that progressively weakens a patient's muscles. The FDA reappraisal came aft 3 patients died. Two were taking Elevidys, portion the 3rd was enrolled successful a abstracted proceedings for different experimental therapy developed by Sarepta. Notably some of the Elevidys patients were non-ambulatory.

Sarepta Therapeutics banal implicit the past year.

"FDA's reappraisal should supply beardown endorsement of ELEVIDYS successful ambulatory setting," wrote expert Andreas Argyrides, successful a probe note. He expects the banal to retrieve arsenic the regulatory unreality is lifted.

Sarepata shares are down 86% twelvemonth to date, but the banal is rallying astir 25% connected Tuesday connected the news.

The banal had closed astatine $13.86 connected Monday, and Oppenheimer predicts it could instrumentality to $37 implicit the adjacent 12 to 18 months, oregon a 167% gain. Even if that occurs, Sarepta volition beryllium trading acold beneath its 52-week precocious of $150.48, a twelvemonth agone today.

—Christina Cheddar Berk

Job openings slipped successful June to their lowest level since March, the Bureau of Labor Statistics reported Tuesday.

Available positions totaled 7.44 million, down 275,000 from the anterior period and small changed from a twelvemonth ago, according to the bureau's Job Openings and Labor Turnover Survey. The openings complaint arsenic a stock of the labour unit decreased to 4.4%, down 0.2 percent point.

Hires besides fell, down by 261,000 to 5.2 million, portion full separations besides were disconnected by 153,000. Quits, a measurement of idiosyncratic assurance successful the quality to permission 1 occupation for another, fell somewhat to 3.14 million.

—Jeff Cox

Federal Reserve Governor Adriana Kugler volition not beryllium contiguous astatine this week's argumentation meeting, a cardinal slope spokesperson said Tuesday.

Kugler, a imperishable voting subordinate connected the Federal Open Market Committee, is disconnected for an unspecified idiosyncratic matter. No further accusation was available.

Though the FOMC has 5 alternates, the Fed does not usage them to regenerate governors, truthful determination volition beryllium lone 11 voters this week. Kugler's word ends successful January 2026. In caller speeches, she has advocated a cautious attack to cutting rates and was mostly expected to beryllium with the statement Wednesday successful voting to clasp again.

—Jeff Cox

The S&P 500 and Nasdaq Composite deed caller record-highs astatine the opening doorbell connected Tuesday, arsenic investors await Federal Reserve's involvement complaint determination and besides parse rolling firm earnings.

The wide marketplace scale added 0.2%, portion the Nasdaq climbed 0.5%. The Dow Jones Industrial Average hovered adjacent the flatline.

— Brian Evans

In a Monday note, Goldman Sachs reiterated its bargain standing connected unrecorded amusement and media institution Sphere Entertainment.

Goldman expert Stephen Laszcyzk's caller terms people of $50 per share, raised from $45, implies that shares of Sphere Entertainment could emergence 14% from their Monday close. The banal has popped astir 9% this year.

SPHR YTD chart

As a catalyst, Laszcyzk pointed to Sphere's completion of a definitive statement with the Abu Dhabi Department of Culture and Tourism to conception Sphere Abu Dhabi, its archetypal franchise.

"We judge the negotiated statement betwixt Sphere Entertainment and DCT Abu Dhabi is simply a affirmative for SPHR (Buy) due to the fact that it i) increases visibility astir the program to unfastened & run a 2nd Sphere wrong the near-to-medium-term (GSe 2028 opening) and ii) solidifies a franchise & royalty interest operation that tin service arsenic a template for aboriginal Sphere franchise agreements globally," the expert wrote.

As different catalyst Laszcyzk highlighted the completion of MSG Networks' Transaction Support Agreement. MSG, a wholly owned subsidiary of Sphere, had entered into the Transaction Support Agreement connected April 24, 2025.

— Lisa Kailai Han

Boeing stock.

"If we proceed to tackle the important enactment up of america and absorption connected safety, prime and stability, we tin navigate the dynamic planetary situation and marque 2025 our turnaround year," CEO Kelly Ortberg said successful a enactment to staff.

— Brian Evans

PayPal stock.

The institution raised its full-year outlook for some net and transaction borderline dollars. The second is simply a cardinal metric to measurement profitability. Venmo saw outgo measurement leap 12% passim the quarter, which the steadfast said is its highest maturation complaint successful 3 years.

— Brian Evans

Novo Nordisk banal connected Tuesday morning.

The steadfast cited expected little maturation this twelvemonth for some Ozempic and Wegovy successful the U.S. arsenic drivers of the trimmed outlook.

— Brian Evans

Jon Moeller, CEO of user goods elephantine Procter & Gamble, volition measurement down from his relation and go executive chairman of the company, effectual Jan. 1, 2026.

Chief operating serviceman Shailesh Jejurikar volition instrumentality the helm of the institution arsenic CEO astatine the commencement of the caller year. The committee has besides nominated him to basal for predetermination arsenic a manager astatine the yearly shareholder gathering successful October.

Shares of Procter & Gamble were small changed successful extended trading. The banal is disconnected much than 6% successful 2025.

—Darla Mercado

Some stocks are making moves successful extended trading Monday:

• Cadence Design Systems – Shares of the machine bundle institution jumped much than 6% aft its latest quarterly results bushed connected the apical and bottommost lines. For the 2nd quarter, Cadence reported adjusted net of $1.65 per stock connected gross of $1.28 billion, supra the $1.55 per stock and $1.25 cardinal successful gross that analysts surveyed by LSEG were expecting. The institution besides posted upbeat full-year guidance.
• Nucor – Shares of the alloy shaper dropped much than 5% aft its net and gross for the 2nd 4th missed Wall Street's estimates. Nucor posted adjusted net of $2.60 per stock connected $8.46 cardinal successful revenue, portion analysts were looking for $2.66 per stock and $8.54 cardinal successful revenue, according to LSEG. The institution besides said that it anticipates its third-quarter net to beryllium "nominally lower" than this year's 2nd quarter, citing "decreased net successful the alloy mills conception and akin net successful the alloy products and earthy materials segments."
• Whirlpool – The location appliance banal plummeted astir 13% pursuing the company's disappointing second-quarter results. Whirlpool reported adjusted net of $1.34 per stock for the quarter, missing the statement estimation of $1.74 per share, per LSEG. The company's gross of $3.77 cardinal besides came up short, missing the $3.88 cardinal analysts had penciled in. Whirlpool's guidance for full-year adjusted net besides missed the mark.

To presumption the afloat database of stocks, work here.

— Sean Conlon

U.S. banal futures opened small changed connected Monday evening.

S&P 500 futures ticked up supra the flatline conscionable aft 6 p.m. ET, arsenic did Nasdaq 100 futures. Similarly, futures tied to the Dow Jones Industrial Average were flat.

— Sean Conlon