Stock Market Today: Earnings Season Kickoff, A Tale of Two Markets originally appeared on TheStreet.

Investors had been complaining about breadth in recent weeks. Well, they got it today; maybe just not in the way they’d hoped. The Nasdaq 100, a cropping of many of America’s most valuable firms, was down 170.08 points (-0.73%) to 23,047.89. And when megacaps wane, so too does the all-powerful S&P 500, which declined 13.28 points (-0.21%) to 6,292.32.

The modest decline in America’s most-tracked index doesn’t tell the full story though. As you move down the index, things get much cheerier: 364 of the index’s 503 components were up mid-day. Too bad there aren’t participation trophies on Wall Street.

The trend keeps going as you move even further down too. While the Russell 1000 — which includes the index’s 1,000 most valuable firms — was weighed down by its largest stocks, the Russell 2000 headed north. Up 8.82 points (+0.40%) to 2,239.95, the growth index clawed back into break-even on the year. It’s now up 0.37% year-to-date.

What’s good? Northrop Grumman  (NOC) , which bested analyst estimates and raised their 2025 profit forecast thanks to strong demand. It was up 8.4% intraday. But Lockheed Martin  (LMT)  was looking in the mirror after its own earnings report, which came with $1.6 billion in pretax losses and an axe to their full-year guidance. It was down 8.7%.

Homebuilders DR Horton  (DHI)  and PulteGroup  (PHM)  sat atop the S&P 500 movers, with stronger-than-expected quarterly earnings overshadowing revenue declines. That was to be expected with mortgage rates sticking at 7%, with both firms teasing a recovery in housing as rates are expected to decline later this year.

Have you been lulled to sleep yet?

Despite the substantial number of companies that have reported over the past week, the S&P 500 hasn't had a one-day move, up or down, of greater than 1% in nearly a month.

It's not that the stock market hasn't moved. We've seen several new all-time highs, and the S&P 500 is up by 1.6% in July so far. While 1.6% might not seem like much, it works out to more than 20% annualized. If your portfolio made 1.6% every month, you'd be very happy.

What gives?

Over on TheStreet Pro, Helene Meisler says that there's some rotation, or churn, going on. People are selling some favorites and rotating into other areas. She also notes that some small-cap meme stocks are starting to get attention. When that happens, she sees a red flag.

This one-year chart of the S&P 500 tells the tale. Stocks are still going up but there's less commitment to the rally of late.

For today, several companies have announced earnings. Most have beaten expectations, but nearly all are trading lower.

Of note, GM  (GM)  reported adjusted earnings of $2.53 a share, which were above expectations. The shares are down more than 2%, however, on news that the Trump administration's tariffs cost the company $1.1 billion.

Phillip Morris  (PM)  is down nearly 5%. Although the tobacco company beat earnings estimates, the revenue numbers were poor.

Lockheed Martin  (LMT)  is the biggest loser, falling nearly 8% preopen even as its report beat estimates. The company's outlook suggests the rest of the year will be difficult.

Near the market open, futures are flat and indicate a continuation of the lull.

Stock Market Today: Earnings Season Kickoff, A Tale of Two Markets first appeared on TheStreet on Jul 22, 2025

This story was originally reported by TheStreet on Jul 22, 2025, where it first appeared.