Stock market today: Dow, S&P 500, Nasdaq futures trade mixed as Google climbs, Tesla stumbles after results

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US stock futures were mixed on Thursday after Google-parent Alphabet and Tesla reported earnings.

Futures on the tech-heavy Nasdaq 100 rose roughly 0.4%, while Dow Jones Industrial Average futures dropped 0.3%. S&P 500 futures nudged down 0.1%.

Google beat Wall Street's second-quarter earnings expectations and doubled down on its AI spending spree. Its stock rose in after-hours trading.

Tesla, meanwhile, missed on earnings. Warnings from CEO Elon Musk and CFO Vaibhav Taneja about the projected impacts from President Trump's tax and spending package sent its stock tumbling.

The end of the EV tax credit in particular, Musk warned in the earnings call, could result in "a few rough quarters." Yahoo Finance reports.

🎢 Trump tariffs live updates: Trump lifts tariff baseline rate, warns countries face 15-50% range:

President Trump on Wednesday said that reciprocal tariffs on US trading partners would range from 15% to 50%, with countries the administration views as difficult receiving the higher rate.

"We'll have a straight, simple tariff of anywhere between 15% and 50%," the president said at an AI summit in Washington, D.C. "We have 50 because we haven't been getting along with those countries too well."

Previously, Trump had made comments suggesting tariff rates would remain lower, around 10% or 15%.

Meanwhile, the US and European Union are closing in on a trade and tariff deal, multiple reports said Wednesday, even as the EU prepared a possible retaliatory package on over $100 billion worth of US goods. Yahoo Finance reports.

🚙 Tesla misses on Q2 earnings but says 'more affordable' model planned for 2025 production:

Tesla reported a slight earnings and revenue miss in the second quarter but said its "more affordable" model was still slated for production in the second half of 2025.

Tesla reported second quarter revenue of $22.50 billion vs. $22.64 billion expected (per Bloomberg consensus), a 12% drop compared with the $25.05 billion reported a year ago.

Tesla posted adjusted EPS of $0.40 vs $0.42, with operating income coming in at $923 million vs. $1.23 billion expected. Yahoo Finance reports.

🤖 Alphabet jumps as AI-driven spending fuels cloud revenue surge:

Alphabet shares rose nearly 3% before the bell on Thursday as the Google parent's earnings underscored a key message to investors: AI spending is climbing, but so are the returns.

The tech giant has raised its 2025 capital spending forecast by $10 billion to $85 billion and signaled even higher outlay next year, stepping up efforts to meet soaring cloud demand and stay competitive in Silicon Valley’s escalating AI race.

Its cloud-computing unit delivered an almost 32% jump in second-quarter revenue, surpassing expectations, as investments in in-house chips and the Gemini AI model began to pay off. Reuters reports.

👩‍💻 Why is IBM’s stock down after an earnings beat? Here’s one quibble:

International Business Machines Corp. failed to deliver upside in its software segment during the latest quarter, and that could be weighing on its stock after a strong recent rally.

IBM’s headline numbers exceeded expectations Wednesday. The company reported revenue of $17 billion for the June quarter - up 8%, or 5% in constant currency, from the previous year. Wall Street had expectations for $16.6 billion, according to FactSet. IBM reported adjusted earnings of $2.80 per share, which came in above expectations for $2.65. MarketWatch reports.

🥤 Keurig Dr. Pepper earnings beat estimates as energy drinks shine, but coffee inflation lurks:

Highly caffeinated energy drinks and a Gatorade rival helped Keurig Dr. Pepper concoct a solid earnings report on Thursday.

The maker of Ghost and C4 energy drinks, and Electrolit hydration products topped analyst estimates for sales and profit in the second quarter. Sales in its US beverages segment rose 10.5% from the prior year, with operating profits were up 8%.

Profits for the segment were held back in part by inflationary pressures. The company's coffee business - which houses Keurig pods and brewers - missed analyst sales estimates as price increases were pushed through to help offset higher costs. Operating profit for the segment increased 2%. Yahoo Finance reports.

📊 Stay on top of Q2 earnings:

Earnings season is here - don’t miss a beat. Check out the latest Q2 earnings reports as they roll in, all in one place on Yahoo Finance.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $LIMN: Liminatus Pharma

Total gain: +43.58%

2) $CIOpA: City Office REIT

Total gain: +29.66%

3) $IXHL: Incannex Healthcare

Total gain: +27.72%

4) $CIO: City Office REIT

Total gain: +24.10%

5) $MXL: MaxLinear

Total gain: +24.02%

The closing price of the top three market percent gainers trading near or above $3 on July 23.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $ANPA: Rich Sparkle

Total gain: +78.85%

The stock appeared to be moving on no notable news.

2) $PAPL: Pineapple Financial

Total gain: +64.57%

The stock appeared to be moving on no notable news.

3) $UAVS: AgEagle Aerial Systems

Total gain: +34.66%

The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars


WST: West Pharmaceutical Services
2Q 2025

Before Market Open
Estimate: 1.510
Actual: 1.840

FCFS: FirstCash Holdings
2Q 2025

Before Market Open
Estimate: 1.670
Actual: 1.790

TPH: Tri Pointe Homes
2Q 2025

Before Market Open
Estimate: 0.680
Actual: 0.770

Time (ET) | Report | Period

8:30 am - Initial jobless claims - July 19

9:45 am - S&P flash U.S. services PM - July

“A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes it’s the other way around.”

- Martin Schwartz

Sourced in: “The Intelligent Investor: A Book of Practical Counsel”, by Martin Schwartz, published in 1998.