Traders work on the floor of the New York Stock Exchange (NYSE) on July 7, 2025, in New York City.<\/p>\n
Spencer Platt | Getty Images News | Getty Images<\/p>\n
The S&P 500<\/a> narrowly posted another fresh record close on Tuesday, as traders weighed the latest earnings reports and new trade developments.<\/p>\n The broad market index ticked up 0.06% to end at 6,309.62 and notch its 11th record close in 2025. The 30-stock Dow Jones Industrial Average<\/a> rose 179.37 points, or 0.40%, settling at 44,502.44. By contrast, the Nasdaq Composite<\/a> slipped 0.39% and closed at 20,892.69, bogged down by declines in tech stocks. It was the first negative day for the tech-heavy index in seven sessions.<\/p>\n Chip stocks were under pressure, as downbeat sentiment in the space was fueled by a report by The Wall Street Journal that said SoftBank and OpenAI’s $500 billion AI project has faced difficulties in getting underway<\/a> and scaled down its near-term plans. Broadcom<\/a> lost more than 3% and artificial intelligence darling Nvidia<\/a> shed more than 2%. Taiwan Semiconductor Manufacturing<\/a> dropped nearly 2%.<\/p>\n Meanwhile, shares of aerospace and defense name Lockheed Martin<\/a> were down nearly 11% after the company’s revenue for the second quarter<\/a> missed analyst estimates. Similarly, Philip Morris<\/a> lost 8% after the tobacco company’s second-quarter revenue fell short.<\/p>\n However, those declines were offset by gains in the broader market outside of tech. Investors flocked to the health-care sector in particular, which outperformed with a rise of nearly 2% on the day. That was bolstered by the advance of IQVIA<\/a> \u2013 which soared almost 18% on the heels of an earnings and revenue beat, leading the S&P 500 \u2013 as well as other names like Amgen<\/a> and Merck<\/a>. Small caps also outperformed, as the Russell 2000<\/a> jumped 0.8%.<\/p>\n This comes as nearly 90 S&P 500 companies have reported, with almost 85% of those topping analysts’ estimates, according to FactSet data. Eyes are on commentary from companies about macroeconomic certainty, the impact of tariffs and details on demand and spending related to AI.<\/p>\n Google parent Alphabet<\/a> and Tesla<\/a> will report Wednesday, kicking off highly anticipated results from the “Magnificent Seven” companies. The megacap tech companies are expected to contribute to a significant amount of earnings growth this season.<\/p>\n Because of the recent rally in stocks, investors are watching for how far the market can still run from here.<\/p>\n “This market’s pretty stalled out,” Jay Hatfield, CEO at Infrastructure Capital Advisors, told CNBC. His 6,600 year-end target on the S&P 500 calls for almost 5% upside from Tuesday’s close. “We are going to need to have very strong tech earnings to propel the market much higher.”<\/p>\n Traders also assessed the latest on the tariff front, with Treasury Secretary Scott Bessent saying the U.S. will likely extend a deadline<\/a> to reach a deal with China. Bessent added that he’s planning to meet with Chinese officials in Stockholm next week.<\/p>\n