US stocks recorded mixed movements with the S&P 500 index and Nasdaq Composite closing at their highest levels, supported by a rise in electric vehicle (EV) shares, Tesla, although General Motors (GM) declined due to the impact of US tariffs.
GM shares fell 8.1% after revealing a loss of $1 billion due to tariffs, sparking concerns about President Donald Trump's trade policies. Ford Motor shares also fell nearly 1%.
Tesla shares rose 1.1% ahead of its quarterly earnings report, while Google parent Alphabet shares jumped 0.65% ahead of the announcement on Wednesday. However, other technology companies such as Meta Platform and Microsoft fell around 1%.
The S&P 500 index rose 0.06% to 6,309.62 points, the Dow Jones added 0.40% to 44,502.44 points, while the technology-focused Nasdaq fell 0.39% to 20,892.69 points.
In other developments, US trade policy continued to create uncertainty for investors and companies ahead of the August 1 deadline set by Trump for other countries to reach an agreement with the White House.
US Treasury Secretary Scott Bessent also said he would meet his Chinese counterpart next week to discuss a possible extension of the August 12 deadline for tariffs on Chinese imports.
According to CME's FedWatch, after mixed economic data last week, traders have discounted a rate cut from the Federal Reserve (Fed) next week, but see a 60% chance of it happening in September.
Trading volume on US exchanges recorded $18.8 billion compared to an average of $17.7 billion over the full 20 trading days.
