S&P 500 notches record-high close; GM slumps as tariffs bite
By Noel
Randewich and Pranav
Kashyap
Tue July 22, 2025 4:17 PM
It was a day of consolidating recent gains as all three indexes opened low, especially tech with the Nasdaq losing over 200 by 10 a.m., but then all three gradually recovering with the S&P barely closing flat but the Nasdaq all day in the red. The Dow industrials were in the black all day though quite flat all morning before gaining in the afternoon and closing up 3-digits. GM had a rotten day announcing a $1B write-off from tariffs and the aerospace and defense stocks also took big hits.
This continues to heighten concerns about trade policy, becoming more prominent as the August 1st deadline approaches, with trade negotiations stalling, India waning, and the EU plotting countermeasures. Optimism remains in regards to heavy spending on AI and the coming Magnificent Seven reports. Despite the S&P wash, even if it is only 4 points it still establishes yet another record close. Q2 earnings projections have increased to 7% and, oddly enough, after falling for a week, the odds of a September rate cut got raised today back to 60%. Volume was above the 17.7 billion average, coming in at 18.8 billion.
DJ: 44,323.07 -19.12 NAS: 20,974.18
+78.52 S&P: 6,305.60
+8.81 7/21
DJ: 44,502.44 +179.37 NAS: 20,892.69
-81.49 S&P: 6,309.62
+4.02 7/22
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