More big-name earnings rolled in Tuesday, and Treasury Secretary Scott Bessent said Federal Reserve Chair Jerome Powell should finish out his term if he so decides.

Blue chips including Coca-Cola, General Motors and Lockheed Martin posted results. GM's profit shrank, despite stronger sales, as automotive tariffs weighed on its bottom line. GM shares fell more than 6%.

Tariffs also clipped RTX's profit. Shares of the aerospace and defense company declined after it chopped its annual earnings guidance.

Both the technology-heavy Nasdaq Composite and the S&P 500 retreated, dragged down by chip makers such as Nvidia. The two indexes closed at record highs Monday, boosted by largely upbeat earnings.

Investors await trade updates ahead of President Trump's Aug. 1 tariff deadline. Bessent said a U.S.-China truce could be extended, with trade relations between the two countries in a "very good place." But he said the start of August was a "pretty hard deadline" for higher levies to kick in on goods from many other countries.

On Monday, Bessent called for a review of the "entire Federal Reserve institution," including costly building renovations.

In recent trading:

The Dow industrials were roughly flat, while the S&P and Nasdaq fell.

Treasury yields ticked lower. The 10-year yield slipped below 4.34%.

Global stocks were mixed, with most major indexes in Europe closing lower.

Bitcoin prices rose to around $119,000.

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(END) Dow Jones Newswires

July 22, 2025 12:37 ET (16:37 GMT)

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