GM stock speeds higher; Newmont sinks as gold declines

Shares of a major US automaker rose on Tuesday after better-than-expected earnings, while shares of a major mining company fell as gold prices fell.

Major US stock indexes ended the day mixed as investors weighed the latest series of corporate earnings reports. The S&P 500 ended the day little changed, while the Dow Jones rose 0.5% and the Nasdaq fell 0.2%. For more daily market coverage from InvestopediaLook here.

Shares of General Motors ( GM ) rose 15%, marking the top performance in the S&P 500, after the automaker reported better-than-expected sales and adjusted third-quarter earnings. The auto giant lowered its forecasts on the cost of the tariffs, and Citi analysts noted that GM adapted to the tariffs more quickly than expected. The manufacturer said it would incur a loss of $1.6 billion linked to a reassessment of its electric vehicle strategy following regulatory changes.

Halliburton (HAL) also beat third-quarter revenue and adjusted earnings per share estimates, and shares of the oilfield services company rose nearly 12%. The company announced a strategic agreement with energy technology company VoltaGrid to cooperate in providing energy solutions for data centers around the world, with planning for the initial offering in the Middle East.

Warner Bros. shares jumped. Discovery (WBD) rose 11% after the entertainment group suggested it was open for sale. The company said it had begun a strategic review amid interest from several suitors. In June, Warner Bros. announced Discovery announced a plan to split into two separate companies, and more recent reports indicated that newly merged media giant Paramount Skydance (PSKY) was preparing a takeover bid.

Gold prices fell sharply from their record highs, with futures prices falling more than 5% on Tuesday. The possibility of easing geopolitical tensions, with the leaders of the United States and China meeting in the coming weeks, has contributed to pressure on the precious metal, which is usually seen as a safe haven in times of economic turmoil. Shares of Newmont (NEM), the world’s largest gold producer, fell more than 9%, farther than any stock in the S&P 500.

Although tobacco giant Philip Morris International (PM) beat expectations with its third-quarter revenue and adjusted earnings per share, its shares fell 3.8%. While smokeless tobacco products are helping to generate growth, the company noted high levels of investment during the quarter, including significant marketing and promotional activity related to Zyn nicotine pouches, after scaling back its merchandising approach during supply shortages earlier in the year.

Shares of clinical laboratory services provider Quest Diagnostics (DGX) fell 3.1% in the wake of the company’s quarterly earnings report. Although revenue and adjusted EPS came in ahead of expectations, supported by acquisitions and growth in the consumer channel, the company trimmed its full-year guidance for reported EPS.