U.S. stocks ended lower on Tuesday as investors weighed the impact of tariffs after Yum Brands and other companies cited trade duties in their results or outlooks.

Market Snapshot

The Dow Jones Industrial Average .DJI fell 61.90 points, or 0.14%, to 44,111.74, the S&P 500 .SPX lost 30.75 points, or 0.49%, to 6,299.19 and the Nasdaq Composite .IXIC lost 137.03 points, or 0.65%, to 20,916.55.

Market Movers

Snap Inc — The social media platform plunged 15% after missing revenue expectations for the second quarter. Snap said it recorded $1.34 billion, slightly under the consensus forecast of $1.35 billion from analysts polled by LSEG.

Rivian Automotive — The electric vehicle company dropped more than 3% on the back of mixed second-quarter results. Adjusted losses for the period came in at 80 cents per share, compared to the LSEG consensus call for a loss of 65 cents per share. Revenue of $1.30 billion narrowly beat the $1.28 billion anticipated by the Street.

Skyworks Solutions — The wireless network stock jumped 9% after providing earnings for the third fiscal quarter and current-quarter guidance that was better than expected. Skyworks reported adjusted earnings of $1.33 per share on $965 million in revenue for the third quarter. Analysts surveyed by LSEG had penciled in $1.22 per share and $941 million in revenue.

Hinge Health — The health technology stock popped 7.8% following its first earnings report as a public company. Hinge saw $139 million in revenue for the second quarter, beating the $125 million figure estimated by analysts, according to LSEG.

Lucid Group — Shares of the electric vehicle maker slid about 7% after Lucid moderated its production outlook for the remainder of the year. The company now expects to produce between 18,000 and 20,000 vehicles, compared to its earlier call for 20,000. Second-quarter top- and bottom-line results also missed expectations.

BridgeBio Pharma — The pharma stock tumbled 12% after posting a wider loss per share than Wall Street expected. BridgeBio said it lost 95 cents per share in the second quarter, while analysts polled by FactSet had projected a decline of 79 cents per share.

Arista Networks — The network equipment company’s stock jumped more than 13% after its second-quarter results surpassed Wall Street’s estimates. Arista reported 73 cents in adjusted earnings per share, while analysts surveyed by LSEG had penciled in 65 cents per share. The company’s revenue of $2.20 billion also beat the consensus estimate of $2.11 billion.

SUPER MICRO COMPUTER INC — Shares plummeted more than 16% after the server maker’s results for the fiscal fourth quarter missed on the top and bottom lines. Super Micro posted adjusted earnings of 41 cents per share on revenue of $5.76 billion, below the 44 cents per share and $5.89 billion in revenue that analysts surveyed by LSEG were expecting. The company also sees its adjusted earnings for its first quarter coming in weaker than expected.

Klaviyo, Inc. — The marketing platform stock rallied nearly 11% on strong earnings and guidance. Klaviyo posted adjusted earnings of 16 cents per share on $293 million in revenue, while analysts polled by LSEG had forecast 13 cents per share and $279 million in revenue.

Upstart Holdings — The artificial intelligence-powered lending marketplace sank about 3% despite a strong earnings report and outlook. Upstart posted adjusted earnings of 36 cents per share, surpassing the LSEG consensus forecast by 10 cents a share. Revenue came in at $257 million, beating the $225 million estimate.

Advanced Micro Devices — The semiconductor company slid 5% after posting 48 cents in adjusted earnings per share for the second quarter, while analysts surveyed by LSEG expected 49 cents. However, AMD saw $7.69 billion in revenue, topping the estimate of $7.42 billion.

Match Group — The dating platform stock jumped 9% after posting stronger-than-expected revenue for the second quarter and upbeat guidance for the current quarter. The Tinder and Hinge parent reported $864 million in revenue for the quarter, exceeding the $854 million estimate from Wall Street, per LSEG.

Palantir Technologies was up 7.9% after the data-analytics company reportedsecond-quarter earningsthat blew past Wall Street’s expectations. Revenue surged 48% to just over $1 billion, ahead of analysts’ expectations for 38% growth. The company, which makes AI-powered software to manage and analyze large amounts of data, also boosted its full-year guidance.Palantirexpects revenue of $4.14 billion to $4.15 billion, up from a prior outlook of $3.89 billion to $3.9 billion.

Pfizer shares rose 5.2% in aftersecond-quarter earningscame in above expectations. Adjusted earnings of 78 cents a share on revenue of $14.7 billion topped calls for 58 cents a share on revenue of $13.6 billion, according to FactSet.

Vertex Pharmaceuticals sank 21%. Thedrugmakersaid it wouldn’t advance its next-generation pain medication after failing to meet the primary endpoint in a recent study. The news overshadowed an otherwise strong second-quarter print, as adjusted earnings of $4.52 a share and revenue of $2.96 billion beat expectations.

Shares of Hims & Hers Health Inc. declined 12%. The telehealth platform postedlower-than-expectedprofit and revenue in the second quarter and reiterated its full-year outlook. Management projected revenue of $570 million to $590 million for the current quarter, below Wall Street estimates of about $580 million at the midpoint of the range.

Coinbase Global was down 6.3%. The crypto exchange unveiled a convertible note offering worth up to $2.3 billion on Tuesday. Coinbase said it plans to offer $1 billion in convertible senior notes due in 2029, and $1 billion due in 2032 in a private offering. The company also expects to grant options to purchase up to an additional $150 million of each set of notes.

Kyndryl, the IT infrastructure services company, reported worse-than-expected quarterly revenue after the closing bell Monday. Revenue was roughly flat in its first fiscal quarter at $3.74 billion, below analysts’s $3.8 billion estimate. Profits though, were sharply higher, up 44% year-over-year. Shares were down 21% on Tuesday.

DuPont de Nemours Inc gained 2.4% after the materials and chemicals company posted better-than-expected earnings in the second quarter. Adjusted earnings of $1.12 a share topped the $1.06 a share analysts had anticipated, while revenue of $3.3 billion was slightly above the $3.2 billion Wall Street had forecast.

Caterpillar shares reversed earlier losses and gained 0.1%. The maker of construction equipment reported adjusted earnings of $4.72 a share on revenue of $16.6 billion in the second quarter. Analysts had expected adjusted earnings of $4.89 a share on revenue of $16.3 billion.

Galaxy Digital fell 4.2%. The financial services and investment management company posted adjusted earnings of 8 cents for the second quarter, missing the 18 cents analysts were looking for. Revenue of $9.1 billion came in well below calls for $13.9 billion.

Eaton Corp PLC tumbled 7.4% after the electric-equipment maker said it sees full-year adjusted earnings between $11.97 and $12.17 a share, compared with analysts’ expectations of $12.03. The company reported second-quarter adjusted earnings of $2.95 a share and revenue of $7 billion, largely in line with Wall Street’s expectations.

Axon Enterprise surged 16% after the Taser manufacturer hiked its full-year outlook and reported second-quarter earnings above expectations. Sales climbed 33% to $669 million, beating analysts’ calls for $641 million, while adjusted earnings of $2.12 a share surpassed the FactSet consensus estimate of $1.45 a share. The company now sees full-year revenue in the range of $2.65 billion to $2.73 billion.

U.S.-listed shares of BP PLC gained 3.4%. The major oil producer reported better than anticipated second-quarter results and said it would review its asset portfolio and consider cost cuts. BP posted underlying replacement cost profit of $2.4 billion, down 14% from the previous year but far above the $1.8 billion consensus estimate from a company-provided survey of analysts.

BWX Technologies Inc jumped 18%. The supplier of nuclear components posted adjusted earnings of $1.02 a share on revenue of $764 million, beating expectations.

Market News

Trump Says ‘Getting Very Close’ on Extending China Trade Truce

US President Donald Trump said he was “getting very close to a deal” with China to extend the trade truce that saw the two countries agree to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies.

“It’s not imperative, but I think we’re going to make a good deal,” Trump said in an interview with CNBC, adding that the US was “getting along with China very well.”

Trump set to fill Fed board vacancy by week's end, has narrowed chair search to four

U.S. President Donald Trump said on Tuesday he will decide on a nominee to fill a coming vacancy on the Federal Reserve's Board of Governors by the end of the week, and had separately narrowed the possible replacements for Fed chair Jerome Powell to a short list of four.

"I'll be making that decision before the end of the week," Trump said of his plans to name a replacement for Fed governor Adriana Kugler, who last week unexpectedly announced she was leaving as of this Friday to return to her academic position at Georgetown University.