US stocks closed mixed Tuesday, but the benchmark S&P 500 (^GSPC) was able to eke out a new record as Wall Street digested a new batch of earnings, including a tariff warning from General Motors (GM),

General Motors has revealed that tariffs imposed by Donald Trump’s administration sliced an eye-watering $1.1 billion from its second-quarter profits, causing a 3% dip in its stock price. That throbbing hit knocked GM’s operating earnings down by nearly a third compared to the same time last year, the published numbers revealed.

GM warned the toll could grow in the second half of the year, reiterating its previous estimate of a $4 billion to $5 billion hit for the year. Shares dropped 7% during the day, even as the company's adjusted earnings per share of $2.

The tariff on imported Japanese cars has been cut to 15%, down from 25%, in a deal announced by President Donald Trump.

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GM said earnings in the second quarter reflect a more than $1 billion hit from President Donald Trump's tariffs.

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What Happened? Shares of automotive manufacturer General Motors (NYSE:GM) fell 7.3% in the morning session after the company reported its second-quarter earnings, which showed a significant profit decline due to tariff-related costs.