stake trade today: Wall Street barely budges as GM’s best day in years offsets GE Aerospace tumble

recent YORK — U.S. stake indexes barely budged after a silent day of mixed buying and selling on Tuesday.

The S&P 500 edged down by less than 0.1%. It was a tiny setback, but it still marked the first back-to-back drop for the index in a month and a half. The index fell modestly on Monday after coming off a sixth straight winning week, its longest such streak of the year.

The Dow Jones Industrial Average slipped 6 points, or less than 0.1%. Like the S&P 500, it’s been on a long, record-breaking rally and set its all-period high on Friday. The Nasdaq composite rose 0.2%.

General Motors jumped 10.4% for its best day since 2020 after delivering stronger boost and turnover for the latest quarter than analysts expected. It benefited from stronger sales to person U.S. customers, even as sales slowed to large fleet buyers.

Philip Morris International was another one of the strongest forces pushing upward on the S&P 500 and rallied 10.5% after topping forecasts for both boost and turnover. CEO Jacek Olczak said the business is seeing momentum across regions and business lines, including growth for both its smoke-free business and for its combustible cigarettes.

Norfolk Southern climbed 4.9% after the railroad topped analysts’ forecasts for boost.

Trump Media & Technology throng jumped another 9.9% to bring its boost to 183% since hitting a bottom late last month. The business behind former President Donald Trump’s Truth Social platform is still losing money, but it tends to shift more with the perceived chances of Trump’s reelection than anything else. It’s back above $34, but it’s still well below its peak above $66 reached in March.

Keeping indexes in check was GE Aerospace, which tumbled 9% and was the heaviest weight on the S&P 500. The business, which began buying and selling independently this spring after splitting off from the former conglomerate General Electric, reported stronger boost for the latest quarter than analysts expected, but its turnover fell short of forecasts.

Verizon Communications sank 5% after likewise reporting weaker turnover for the latest quarter than expected, even though its boost edged history forecasts.

Genuine Parts, which sells automotive and industrial replacement parts, dropped 21% for the largest setback in the S&P 500 after its boost for the latest quarter fell well short of expectations. CEO Will Stengel said much of the shortfall was due to continued weakness in Europe and its industrial business.

Sherwin-Williams sank 5.3% after both its boost and turnover came in weaker than analysts expected. CEO Heidi Petz cited a “tough macroeconomic surroundings” and “continued choppiness in the demand surroundings” for its paints and coatings. Demand from do-it-yourself customers in North America remains frail given the higher obligation levels that they’re carrying and still-lingering expense boost.

All told, the S&P 500 slipped 2.78 points to 5,851.20. The Dow dipped 6.71 to 42,924.89, and the Nasdaq composite rose 33.12 to 18,573.13.

Stocks have slowed their record-breaking momentum this week under increasing pressure from rising Treasury yields in the predictable returns trade.

The profit on the 10-year Treasury held steady at 4.20%, where it was late Monday. That’s well above the 4.08% level it was at just on Friday. Higher yields for Treasurys can make investors less willing to pay high prices for stocks, which critics declare already look too expensive.

Treasury yields have been climbing following a raft of reports showing the U.S. economy remains stronger than expected. That’s excellent information for Wall Street, because it bolsters hopes that the economy can escape from the worst expense boost in generations without the hurtful downturn that many had worried was inevitable.

“What appears to be unfolding before our eyes is a soft-landing scenario only the most optimistic aspiration of,” according to Gregory Daco, EY chief economist.

But it also is forcing traders on Wall Street to ratchet back expectations for how much the Federal safety net will cut profit rates. The central lender has made the drastic shift to lowering profit rates in hopes of keeping the economy powerful, but a more resilient-than-expected economy wouldn’t require as much assist.

Traders are now largely expecting the Fed to cut its main profit rate by half a percentage point more through the complete of the year, according to data from CME throng. A month ago, some of those same traders were betting on the federal funds rate ending the year as much as half a percentage point lower than that.

In stake markets abroad, European indexes were modestly lower despite German software giant SAP nudging history boost expectations. In Asia, Japan’s Nikkei 225 dropped 1.4%, and South Korea’s Kospi fell 1.3%, but indexes were more resilient in China.

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AP Business Writers Yuri Kageyama and Matt Ott contributed.