In the afternoon session, US stocks pulled back from Monday’s record highs as investors digested a wave of corporate earnings and fresh trade developments. The S&P 500 hovered near the flatline, the Nasdaq fell 0.4%, and the Dow rose over 100 points, with megacap tech names and chipmakers under pressure ahead of key earnings reports from Alphabet and Tesla. Nvidia (-2%) and Broadcom (-3.3%) both declined, while Lockheed Martin (-8.6%) and Philip Morris (-7.4%) dropped sharply after disappointing results. General Motors (-7.2%) also warned of deeper tariff-related profit hits after a 32% Q2 decline, underscoring investor concerns around the impact of trade policy. On the trade front, President Trump announced a deal with the Philippines involving a 19% tariff rate, though confirmation from Manila is pending. Meanwhile, Treasury Secretary Scott Bessent said the US will likely extend its tariff deadline with China and plans to meet Chinese officials next week in Stockholm.