Investing.com – Wall Street traded higher on Tuesday, with the Dow marking fresh record highs, as earnings continued to support sentiment and investors turned their focus to results from Apple after the close.
At 11:53AM ET (15:53GMT), the Dow Jones gained 80 points, or 0.37%, the S&P 500 advanced 5 points, or 0.21%, while the Nasdaq Composite traded up 10 points, or 0.16%.
With all eyes on the psychological level of 22,000 points for the Dow, investors awaited results from Apple (NASDAQ:AAPL) that will be released after Tuesday’s closing bell.
The tech giant is expected to report adjusted earnings of $1.57 per share on revenue of $44.89 billion in the June quarter, according to analyst estimates. More importantly, investors will be looking for details on the iPhone 8 and its release date.
Earlier on Tuesday, fellow Dow component Pfizer (NYSE:PFE) disappointed with its own earnings report, leading the blue chip index lowers with losses of more than 1%. The drug maker saw revenue fall 1.9%, missing analyst estimates.
In another notable downside move, Under Armour (NYSE:UA) slumped more than 7% as the sportswear maker cut its full-year guidance.
In positive earnings news, Lumber Liquidators (NYSE:LL) soared more than 30% after the hardwood flooring retailer published its first quarterly profit since 2015.
Similarly, Sprint (NYSE:S) jumped nearly 10% after the telecom recorded its first profit in nearly three years.
Along with Apple, Herbalife (NYSE:HLF), Allstate (NYSE:ALL), Match Group (NASDAQ:MTCH), Coherent (NASDAQ:COHR), FireEye (NASDAQ:FEYE) and SunPower (NASDAQ:SPWR will also all report after the closing bell.
Market players also digested mixed economic data released on Tuesday.
Although consumer spending increased 0.1% as expected in June, both personal income and real personal consumption disappointed with flat readings.
Furthermore, the ISM’s manufacturing survey registered a slightly larger-than-expected drop in July although the report indicated that the overall economy had expanded for a 98th consecutive month.
Data on construction spending caused concern with an unexpected drop of 1.3% in June.
While investors waited for data on July auto sales out later in the session, both Ford (NYSE:F) and GM (NYSE:GM) disappointed with a monthly decline of 7.5% and 15%, respectively, in their individual numbers.
Meanwhile, oil sank 3% on Tuesday after a six-day winning streak that took crude to two-month highs.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT). Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.9 million barrels.
U.S. crude futures slumped 3.15% to $48.59 by 11:54AM ET (15:54GMT), while Brent oil sank 3.03% to $51.12.