The S&P 500 Index (SPY  ) posted a narrow gain on Tuesday, marking another record close for the broader market index, as investors continued to weigh multiple market catalysts -- President Donald Trump's looming tariff deadline, big tech earnings, and the Federal Reserve's next policy decision.

The S&P 500 rose 0.06% to end at 6,309.62 to settle at its 11th record close in 2025. The Dow Jones Industrial Average (DIA  ) also climbed about 180 points higher to settle at 44,502.44, while the tech-heavy Nasdaq Composite (QQQ  ) slipped about 0.4% to close at 20,892.69.

Treasury Secretary Scott Bessent said Tuesday that the United States will likely extend its deadline with China as he meets with Beijing trade officials next week in Stockholm, Sweden. The two global economic superpowers both agreed to a 90-day suspension of most of their respective import duties in May, with that extension set to expire on Aug .12.

"I think trade is in a very good place with China," Bessent said in an interview with Fox Business. "I think we've actually moved to a new level with China, where it's very constructive. We're going to be able to get a lot of things done, now that trade has kind of settled in at a good level."

Later in the session, Trump announced that the U.S. has reached a trade agreement with the Philippines, adding that the two countries "will work together Militarily."

"President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives. It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff," Trump wrote in a post on his social media platform Truth Social.

On the earnings front, shares of General Motors (GM  ), Lockheed Martin (LMT  ), Philip Morris (PM  ) and RTX (RTX  ) each fell after their quarterly results fell short of Wall Street expectations.

Detroit automaker GM reaffirmed its full-year guidance issued back in May as the company contends with a possible $4 million to $5 billion impact from Trump's 25% tariffs on imported vehicles and many auto parts.

"In addition to our strong underlying operating performance, we are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape," CEO Mary Barra said in a letter to shareholders, added that the company is working to "greatly reduce our tariff exposure."

Shares of Coca-Cola (KO  ) rose on Tuesday as the beverage and snack giant topped analyst expectations in its second-quarter as stronger demand in Europe offset weaker global volumes. Sales of its namesake product notably declined 1% in North America, but volumes continued to improve over the first-quarter.

"I think that's in the context of a pretty resilient overall consumer. The aggregate spend is holding up. Yes, there's some pressure in those with lower incomes, where we're targeting some affordability and some special focus on marketing and occasions," CEO James Quincey told analysts during the company's earnings call on Tuesday.

For the full year, Coke narrowed its outlook for comparable earnings per share growth to 3% -- the top end of the range it had previously provided. The company also reiterated its forecast that organic revenue will increase 5% to 6% in 2025.

Looking ahead, UBS analyst Ulrike Hoffmann-Burchardi wrote in a Tuesday note that investors should expect more market volatility "in the lead-up to the 1 August tariff deadline, with threats to Federal Reserve independence and geopolitical uncertainty lingering in the background."