MARKET SNAPSHOT: Dow Poised To Extend Record Streak As Upbeat Earnings Propel Stocks Higher

Apple edges up ahead of earnings

The U.S. stock market rose on Tuesday, with the Dow poised to extend its streak of record-setting sessions to a fifth day, on upbeat earnings even as lackluster economic data limited gains.

The Dow Jones Industrial Average added 73 points, or 0.3%, to 21,964, setting an intraday all-time high at 21,990.96. The blue-chip index is on track to finish at a record for a fifth trading day in a row if it maintains its momentum.

Read:Dow flirts with a fresh milestone--22,000 (

The Dow has been outperforming other benchmarks over the past few days, thanks to earnings-driven gains in aircraft maker Boeing Co.(BA) and oil giant Chevron Corp.(CVX). On Tuesday, Intel Corp. (INTC) led the advance, rising 2.5%.

The S&P 500 index rose 5 points, or 0.2%, to 2,475, not far from its record close set last week at 2,477.83. Financial and utilities were among the best sector performers.

The Nasdaq Composite Index advanced 10 points, or 0.2%, to 6,357.

"A combination of [market] fundamentals and positive earnings are propelling stocks higher" amid a market-friendly backdrop as the Federal Reserve takes a gradual path to normalizing interest rates along with healthy global growth, said Quincy Krosby, chief market strategist, at Prudential Financial.

Earnings remained in focus, with traders awaiting further signs of upbeat sentiment in earnings, which have so far provided healthy, said Craig Erlam, senior market analyst at Oanda.

As of last Friday, 73% of the S&P 500 companies that had reported earnings posted sales numbers above estimates, according to FactSet. That puts the second quarter on track to mark the highest percentage of companies beating sales forecasts since FactSet began tracking data in 2008.

The key earnings to watch on Tuesday is Apple Inc.(AAPL), which is slated to report after the closing bell. The iPhone maker's results are likely to attract more than the usual share of scrutiny as the tech giant is the last of the so-called FAANGs--group of high-growth stocks comprised of Facebook Inc. (FB), Apple, Inc. (AMZN), Netflix Inc. (NFLX), and Google parent Alphabet Inc. (GOOGL)--to report. Apple's stock rose slightly to $149.17.

Read:Apple earnings: How long will iPhone sales be on 'pause'? (

See also:The stock market's fortunes may ride on Apple's shoulders (

Stock movers: Xerox Corp.(XRX) shares rallied 5.5% after better-than-expected earnings.

Shares of Ford Motors(F) dropped 2.5% and General Motors Co. (GM) shares were flat after reporting sharp declines in car sales in July.

Archer Daniels Midland Co.(ADM) shares rose 2.7% after the company beat earnings estimates.

Steven Madden Ltd.(SHOO) also reported earnings that topped estimates, sending shares 2% higher.

Sprint Corp.(S) shares jumped 11.4% as the telecom company posted profit for the first time in three years.

Royal Caribbean Cruises Ltd.(RCL) shares jumped 1.9% after the company beat earnings estimates and raised profit guidance.

Shares of Regeneron Pharmaceuticals Inc.(REGN) fell 3.6% after Baird downgraded the company to underperform.

Shares of Pfizer Inc. (PFE) were up 0.1% after the drugmaker reported adjusted earnings ahead of forecasts.

After the market close, Herbalife Ltd.(HLF), Allstate Corp.(ALL) and Match Group Inc.(MTCH) are among companies slated to report.

Political reversals: Investors were still assessing the latest drama from the White House, in which Communications Director Anthony Scaramucci on Monday was removed from his post ( after just 10 days in the job.

"The dismissal of the U.S. White House communications director could be interpreted as the reasserting of authority over the executive branch, or a signal of the worst chaos the White House has known since President Jackson's inauguration," said Paul Donovan, global chief economist at UBS, in a note.

Check out:Ex-Marine Kelly in, ex-Wall Streeter Scaramucci out: Why Trump made the switch (

Economic news: Consumer spending in June rose by the smallest amount in five months as income growth flatlined, but lower gasoline prices also played a role.

The personal-consumption expenditure index, or PCE index, the Federal Reserve's preferred inflation gauge, was flat in June. What's more, the 12-month rate of inflation stood at 1.4%, down from 2.2% earlier in the year.

The IHS Markit final manufacturing PMI climbed to 53.3 in July from 52 preliminary result.

The ISM manufacturing index fell to 56.3% in July from 57.8%, while construction spending slipped 1.3% from revised May reading to $1.21 trillion SAAR in June.

Other markets: European stocks traded higher (, while Asian markets also gained. (

The dollar edged 0.2% higher following a recent selloff, while oil prices settled 2% lower ( as investors fretted about the ability of major oil producers to trim a global glut of crude. Gold futures closed near an 8-week high (


(END) Dow Jones Newswires

August 01, 2017 15:31 ET (19:31 GMT)