Stock market today: A torrent of profit reports leaves Wall Street mixed as small stocks keep rising

NEW YORK — U.S. stocks held steady in a calm day on Wall Street, as earnings reporting season ramped up for big companies. The S&P 500 fell 0.2% Tuesday. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite edged down 0.1%. The smaller stocks in the Russell 2000 continued their big run and rose 1%. They’ve flipped the market’s leaderboard recently and zoomed higher on hopes for coming cuts to interest rates.

GE Aerospace thrust 6.6% higher after beating analysts' forecasts for profit in the spring and raising its forecast for earnings over the full year. It was one of the strongest forces lifting the S&P 500. Through its customers, the paint and coatings company has been feeling the pain of high interest rates meant to get inflation under control. High mortgage rates have chilled the housing industry, for example, and a report on Tuesday showed sales of previously occupied homes weakened by even more in June than economists expected. Sales slowed in part because prices for previously occupied homes are at the highest ever recorded, according to the National Association of Realtors.

Hopes for coming cuts to interest rates have helped smaller stocks bounce in particular. They can get bigger benefits from lower interest rates than their bigger rivals, and the Russell 2000 of smaller stocks rose a market-leading 1%. It's a turnaround after smaller companies had lagged the biggest stocks, headlined by a small group known as the “Magnificent Seven,” for a while.

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