Stock Market Live July 30: Upside GDP Surprise Pushes S&P 500 (VOO) Higher
Key Points
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US GDP grew 3% in Q2, much stronger than expected and despite tariffs turmoil that began in April.
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Harley-Davidson stock is surging on strong revenue and despite an earnings miss.
Live Updates
Wednesday Wrap-up
The Vanguard S&P 500 ETF closed Wednesday at 583.12, down 0.1%.
25% Tariffs on India
In a return of tariffs news to the headlines, President Trump just announced that tariffs on imports from India will rise to 25% beginning tomorrow, August 1. Additional tariffs sanctioning India for its role purchasing sanctioned oil from Russia may be imposed on top of the 25% base tariff rate.
Stock markets either like the move, or have not yet had time to react to it. The Voo is now up 0.2%.
Investors Sweet on Hershey Despite Guidance
S&P component company Hershey Foods (NYSE: HSY) reported a $1.21 per share Q2 profit that was $0.22 better than expected. Revenue topped expectations, too: $2.6 billion. However, Hershey cut its forecast for the rest of this year — the opposite of what you’d expect with Q2 earnings being so much stronger than expected.
Hershey now says full year profits will be no more than $6 a share, and could be as little as $5.81. Investors don’t mind, though; the stock is up 2.5%.
Trane Derailed by Earnings Miss
The earnings just keep rolling in. S&P 500 component company and HVAC equipment giant Trane Technologies (NYSE: TT) reported a $3.88 per share profit this morning, nine cents better than expected. Revenues fell slightly below forecast, at $5.75 billion, but Trane said its profits this year will be $13.05 per share, nine cents better than the $12.96 expected.
Curiously, investors seem focused on the tiny revenue miss, and are selling off Trane stock more than 7% in the market’s opening minutes. The Voo, however, is still up 0.1%.
This article will be updated throughout the day, so check back often for more daily updates.
The U.S. economy grew at a faster-than-expected 3% in Q2 2025, according to a U.S. Commerce Department report released this morning, pushing the Vanguard S&P 500 ETF (NYSEMKT: VOO) up about 0.1% in premarket trading.
3% growth in gross domestic product (GDP) is nearly a third better than the 2.3% growth rate economists had been expecting. It reverses the trend of 0.5% GDP contraction seen in Q1 as well. In other details, the report noted that consumer spending grew three times better than the expected 0.5% in Q2 (1.4%, to be precise). U.S. exports declined by 1.8%, and imports declined by 30.3% — yet the economy grew anyway, apparently entirely through domestic consumption.
Last but not least, the report showed the personal consumption expenditures price index (the Fed’s preferred inflation metric) at 2.1% in Q2, just a hair above the Fed’s 2% inflation target. It almost sounds like “mission accomplished” — so no wonder investors are happy.
Earnings
S&P 500 component company Illinois Tool Works (NYSE: ITW) reported Q2 profit of $2.58 per share this morning, two cents better than expected. Revenue also beat expectations at $4.1 billion, and Illinois Tool raised guidance for full year earnings to somewhere between $10.35 and $10.55 per share.
Fellow S&P 500 component Kraft Heinz (Nasdaq: KHC) earned $0.69 per share in Q2, a nickel better than expected. Revenue edged past expectations at $6.35 billion. Guidance for the rest of the year was right in line with expectations for $2.59 per share.
Yet another component, GE Healthcare (Nasdaq: GEHC) said it earned $1.06 per share on $5 billion in revenue. Guidance for the year was especially strong, with GE Healthcare forecasting profits of $4.43 to $4.63 per share, well ahead of the $4.07 forecast.
On the other hand, Harley-Davidson (NYSE: HOG), which is no longer big enough to qualify for the S&P 500, reported $0.88 per share, eight cents less than expected. The motorcycle maker’s revenue, however, was $1.3 billion, well ahead of expectations — and Harley stock is up more than 14% pre-market.
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