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Updated from 10:10 a.m. ET, Tuesday, July 25. 

The S&P 500 hit a new all-time high on Tuesday, July 25, as investors digested earnings from the likes of Alphabet Inc. (GOOGL) - Get Alphabet Inc. Class A Report  , Biogen Inc. (BIIB) - Get Biogen Inc. Report  and Eli Lilly & Co. (LLY) - Get Eli Lilly and Company Report

The S&P 500 added 0.34% and traded at a new intraday high, the Dow Jones Industrial Average jumped 0.5%, and the Nasdaq fell 0.06% after briefly entering positive territory.

Alphabet breezed past analysts' earnings estimates and reported a double-digit increase in sales. The parent of Google earned $5.01 a share over its second quarter, 58 cents higher than consensus. Revenue surged 21% to $26.01 billion and exceeded targets by $410 million. 

However, shares fell 3% after the company hinted that rising costs could slow profit margin improvements. The company's total traffic acquisition costs increased to $5.091 billion and now represent 22% of Google's advertising revenue.

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

Jim Cramer and the AAP team said investors are worried about click metrics. For the quarter, aggregate paid clicks increased 52% year over year and 12% sequentially, with a majority of the growth stemming from the Google Properties division. However, aggregate cost per click declined for another quarter, in total declining 23% year over year and 6% sequentially.

"Overall, we are encouraged by the strong quarter despite the discouraging click trend. We believe GOOGL can be successful with its diversification away from advertising, but we understand the business represents the heart of its business and the process will take time," said Cramer and the AAP team.

Eli Lilly topped second-quarter earnings and sales estimates. The drugmaker earned an adjusted $1.11 a share, 6 cents above expectations. Revenue increased 8% to $5.82 billion, beating consensus of $5.59 billion. For the full year, Eli Lilly anticipates adjusted earnings of $4.10 to $4.20 a share and revenue of $22 billion to $22.5 billion. 

Shares fell 3.4%, though, after the company announced that a new clinical study for its treatment of rheumatoid arthritis is needed before the Food and Drug Administration can move the drug toward market approval. The treatment is a joint project with Incyte Corp. The new study will delay a resubmission for a new drug application until after 2017. 

Fellow drugmaker Biogen Inc. climbed 0.6% after a better-than-expected quarter. Adjusted earnings of $5.04 a share came in far higher than $4.37 consensus. Revenue of $3.08 billion exceeded estimates of $2.81 billion. Biogen increased its full-year earnings outlook to $20.80 to $21.40 a share, up from previous guidance of $20.45 to $21.25. Biogen said an improved outlook was tied to "faster than anticipated adoption of [muscular atrophy treatment] Spinraza in the U.S."

General Motors Co. (GM) - Get General Motors Company Report   was slightly higher after a retreat from a number of Asian markets weighed on quarterly results. Net income of $1.7 billion fell from $2.9 billion in the same-quarter a year earlier. Around $1.3 billion in net income was tied to losses in its now-sold European operations. 

Dow component Caterpillar Inc. (CAT) - Get Caterpillar Inc. Report  surged 5% following a better-than-expected quarter and upbeat outlook. The heavy machinery company earned an adjusted $1.49 a share over its second quarter, far higher than estimates of $1.26. Revenue of $11.3 billion exceeded estimates of $10.9 billion. CEO Jim Umpleby said "construction in China and gas compression in North America were highlights in the quarter. He also said the company was seeing improved demand for construction across most regions. 

McDonald's Corp. (MCD) - Get McDonald's Corporation Report   , also on the Dow, jumped 4% on an above-consensus second quarter. Net income of $1.70 a share rose from $1.25 a year earlier and beat analysts' estimates of $1.62. Revenue of $6.05 billion came in higher than an expected $5.96 billion. Global same-store sales increased 6.6%. U.S. same-store sales climbed 3.9%, above estimates of 2.9% growth. 

3M Co. (MMM) - Get 3M Company Report  was the worst performer on the Dow after disappointing revenue over its second quarter. Net income rose to $2.58 a share from $2.08 a share in the year-ago quarter. Analysts estimated earnings of $2.54. Revenue increased nearly 2% to $7.81 billion, above consensus of $7.87 billion. 

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Other earnings of note include Anadarko Petroleum Corp. (APC) - Get Anadarko Petroleum Corporation Report , United Technologies Corp. (UTX) - Get United Technologies Corporation Report , Supervalu Inc. (SVU) , Seagate Technologies PLC (STX) - Get Seagate Technology Holdings PLC Report , Pulte Group Inc. (PHM) - Get PulteGroup, Inc. Report , Kimberly-Clark Corp. (KMB) - Get Kimberly-Clark Corporation Report , JetBlue Airways Corp. (JBLU) - Get JetBlue Airways Corporation Report , E. I. du Pont de Nemours (DD) - Get DuPont de Nemours, Inc. Report , Domino's Pizza Inc. (DPZ) - Get Domino's Pizza, Inc. Report , Allegheny Technologies Inc.  (ATI) - Get Allegheny Technologies Incorporated Report , and AK Steel Holding Corp. (AKS) - Get AK Steel Holding Corporation Report .

Crude oil prices burst above $47 a barrel on Tuesday on enthusiasm over the Organization of Petroleum Exporting Countries' willingness to extend production cuts. The bloc could extend cuts beyond March 2018, Saudi Energy Minister Khalid al-Falih said on Monday. Saudi Arabia agreed to cut its exports to a limit of 6.6 million barrels per day in August.

West Texas Intermediate crude was up 2.1% to $47.30 a barrel.

Energy names were among the best performers on Tuesday. Major oilers were higher, including Exxon Mobil Corp. (XOM) - Get Exxon Mobil Corporation Report , Royal Dutch Shell PLC undefined , Chevron Corp. (CVX) - Get Chevron Corporation Report , Total SA (TOT) - Get Total SA Report  and BP PLC (BP) - Get BP Plc Report . The Energy Select Sector SPDR ETF (XLE) - Get Energy Select Sector SPDR Fund Report added 1.5%. 

The Federal Reserve will convene Tuesday with an announcement on monetary policy scheduled for Wednesday, July 26. Economists don't expect the central bank to make a change to interest rates, though investors will comb through the Fed statement to discern when the Fed could begin to unwind its balance sheet. Most Fed watchers anticipate that process to begin at the September meeting.

The prices of U.S. homes grew at a slower pace in May than expected, according to the latest S&P Corelogic Case-Shiller home price index. The index increased 5.7% over the three months to May, 20 basis points lower than anticipated. Denver, Portland and Seattle saw the best price gains. 

The U.S. consumer continued to show outsized confidence in July, even as spending remains tepid. The Conference Board's Consumer Confidence Index hit 121.1 this month, higher than an expected reading of 116. The measure reached its second-highest level since 2000. Analysts expected confidence to dip after reaching 118.9 in June. Consumers were positive in the state of the labor market, noting that jobs were "plentiful."

Michael Kors Ltd. (KORS)  fell 1.8% after agreeing to buy luxury footwear brand Jimmy Choo PLC (JYMHF) for $1.2 billion. Michael Kors said it would pay 230 pence per share in cash, valuing Jimmy Choo's existing issued and to be issued ordinary share capital at about £896 million ($1.2 billion).

The price represents a 36.5% premium to the closing price of 168.5 pence on April 21, the day before JAB Luxury started a formal sale process for Jimmy Choo.

Watch: 5 Outrageously Expensive Jimmy Choo Shoes and Bags That Should Scare Coach

Following the completion of the acquisition, it's expected that Jimmy Choo will operate as it does today with the same management. Jimmy Choo has about 150 company-operated retail stores, 560 multi-brand stores and more than 60 franchise stores worldwide.

Barnes & Noble Inc. (BKS) - Get Barnes & Noble, Inc. Report rocketed nearly 10% higher on Tuesday after a call from activist investor Sandell Asset Management Corp. to sell itself. Sandell, a Barnes & Noble shareholder, said the bookstore retailer could garner bids of more than $12 a share. 

Lululemon Athletica Inc.  (LULU) - Get Lululemon Athletica Inc Report  was under pressure following a downgrade at Stifel to hold from buy with a $66 price target. Stifel analyst Jim Duffy noted to clients that the stock's current risk/reward ratio is now balanced following the recent run-up in valuation.

Eat, Drink and Talk Money with Jim Cramer

Meet Jim Cramer at an exclusive reception at his Bar San Miguel in Brooklyn, N.Y., on Tuesday, July 25, from 6:30 p.m. To 9 p.m.

The evening will start with a screening of Jim's CNBC show Mad Money. Afterwards, Jim will join the party fresh off of the CNBC set to mingle, take photos and answer your investing questions.

Tickets include dinner, drinks and an autographed copy of Jim's book Get Rich Carefully.

Click here for more information or to buy tickets.

Where: Bar San Miguel, 307 Smith St., Brooklyn, N.Y.

When: Tuesday, July 25, 6:30 p.m. to 9 p.m.

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