By Heard Editors

What Happened in Markets Today

Stocks hit records again. The S&P 500 index climbed 0.1%, and the Nasdaq Composite rose 0.2%, both to record-high closing levels. The Dow Jones Industrial Average, though, shed 316 points, dragged down by IBM, which fell 7.6% after reporting earnings.

Europe is closing in on a trade pact. EU officials are expecting a deal to include a 15% levy on most exports to the U.S.

The ECB held steady. The European Central Bank paused its rate cuts as tariffs are worked out. "We are in this wait-and-watch situation," President Christine Lagarde said.

Tesla shares slumped. The company's net income fell 16% in the second quarter, as auto sales continued to decline. Shares were down about 8%. Elon Musk urged investors to focus on the future opportunities in robotics.

Google's parent posted gains on search optimism. Alphabet rose about 1%, as the company reported record sales, driven by growth in cloud and search. It also continued to plunge investment dollars into artificial intelligence.

UnitedHealth Group confirmed government probes. The health-insurance giant said it was responding to requests from investigators at the Justice Department. Its shares dropped almost 5%, helping to drag down the Dow.

This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.

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(END) Dow Jones Newswires

July 24, 2025 17:30 ET (21:30 GMT)

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