Stocks Climb as Gold Rallies, Oil Slips Ahead of Tesla and Alphabet Earnings

U.S. stocks closed mixed Tuesday, with the Dow Jones Industrial Average extending gains into the close while the Nasdaq Composite lagged amid investor caution ahead of high-stakes earnings from Tesla and Alphabet due Wednesday.

The Dow rose 179.12 points, or 0.40%, to finish at 44,502.20, marking a steady rebound driven by broad-based buying in industrial and financial names. The S&P 500 eked out a 0.06% gain, closing at 6,309.56, while the tech-heavy Nasdaq slipped 81.49 points, or 0.39%, to 20,892.70, weighed by retreating momentum in megacap technology shares.

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Gold prices surged, with August futures jumping $38.10, or 1.12%, to settle at $3,444.50. The rally, which accelerated after 8 a.m. ET, appeared tied to both haven demand and continued bets on looser monetary conditions later this year. In contrast, crude oil prices slid 0.58% to $65.57 a barrel as traders reacted to a weakening technical setup and lingering demand uncertainty.

Markets are bracing for a deluge of earnings Wednesday, with Tesla and Alphabet drawing particular scrutiny as bellwethers for both technological innovation and broader market sentiment.

Tesla: AI Dreams vs. EV Realities

Tesla will report after Wednesday’s close, with investors increasingly focused on its nascent robotaxi business and integration with Elon Musk’s AI startup, xAI. While Q2 delivery volumes declined 14% year-over-year to 384,000 units and EV demand shows signs of fatigue, analysts and bulls alike are looking beyond the quarter.

This quarter will serve as a referendum on autonomy, AI, and Musk’s new promise: that Tesla is a physical AI company on the cusp of a trillion-dollar transformation.

However, regulatory and macroeconomic headwinds loom. The removal of the $7,500 U.S. EV tax credit and a looming 93.5% tariff on Chinese battery materials threaten profitability. Investor confidence could also be rattled by Musk’s political entanglements and leadership churn within the company.

Alphabet: Cloud Momentum, Ad Softness in Focus

Alphabet is also scheduled to report Wednesday after the bell, with consensus estimates calling for $93.3 billion in revenue and $1.90 in EPS. While its advertising business—still the core revenue engine—is slowing, Google Cloud continues to expand rapidly, expected to grow over 25% year-over-year to $12.9 billion.

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“Cloud is becoming a huge part of the business... driven by AI demand and broader enterprise adoption,” said Angelo Zino, equity analyst at CFRA.

The company’s $75 billion full-year capital expenditures remain a focal point as Alphabet scales its AI infrastructure and battles regulatory scrutiny from the DOJ over search practices.

Looking Ahead

Investors will be closely watching Tesla’s commentary on the Austin robotaxi pilot, xAI integration, and guidance around supply chain risks. For Alphabet, updates on Gemini AI monetization, CapEx trajectory, and regulatory developments will shape near-term sentiment.

As two of the most widely held names in the market prepare to report, their results may help resolve the current market crosscurrents—between belief in a tech-driven future and concern over faltering fundamentals.