Stocks were little changed Tuesday, a day after the S&P 500 and Nasdaq Composite hit fresh records, as traders weighed the latest earnings reports and new trade developments.

The S&P 500 was flat on the day, while the Nasdaq slipped 0.2%. The Dow Jones Industrial Average rose just 40 points, or 0.1%.

Kohl's up 100%; Medpace up 40%; Opendoor up 20%; Replimune down 77%

Shares of aerospace and defense name Lockheed Martin were down 7% in premarket trading after the company’s revenue for the second quarter missed analyst estimates. Similarly, Philip Morris was also down 5% after the tobacco company’s second-quarter revenue also missed expectations.

In the previous session, the S&P 500 rose about 0.1% and the Nasdaq Composite advanced nearly 0.4%. Both indexes hit new all-time intraday highs and closed at records, aided by a pre-earnings jump in Alphabet. The Dow underperformed and ended the day marginally lower.

Investors are turning to a big week for second-quarter financial results. So far, 88 S&P 500 companies have reported, with more than 82% 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 artificial intelligence.

Google parent Alphabet and Tesla will report Wednesday, kicking off highly anticipated results from the “Magnificent Seven” companies. The mega-cap tech companies are expected to contribute to a significant amount of earnings growth this season.

Given the recent rally in stocks, investors are watching for how far the market can run, with some commenting that valuations already appear stretched. Cetera Investment Management chief investment officer Gene Goldman said that “much of the good news appears to be priced in, leaving little margin for error.”

“Markets may have rallied too far, too fast,” Goldman added. “After dipping after ‘liberation day’ to 4,982, the S&P bounced back sharply, in fact – the recovery has been the fastest in nearly 50 years even as 2025 earnings expectations were nearly halved.”