Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 closed at its highest level since Feb. 1.
- The Dow Jones Industrial Average I:DJI gained Tuesday for the fourth-straight session. Leading the index higher were Procter & Gamble Co. (PG) - Get Report and Boeing Co. (BA) - Get Report .
- PepsiCo Inc. (PEP) - Get Report rose 4.6% after its second-quarter adjusted profit easily beat analysts' estimates.
- FactSet analysts expect a 20% year-on-year increase in S&P 500 earnings.
Wall Street Overview
The Dow and S&P 500 indexes ended higher for a fourth straight day, while the Nasdaq ended flat Tuesday as earnings season got underway with strong results from PepsiCo.
PepsiCo Inc. (PEP) - Get Report earned an adjusted $1.61 a share in the second quarter, beating estimates by 9 cents. Revenue of $16.09 billion rose 2% from a year earlier and also beat forecasts. The stock rose 4.6%.
Earnings season is expected to deliver a 20% year-on-year increase in S&P 500 earnings, according to projections from FactSet, down from 24.8% in the first quarter but still the second-best three-month period since 2010.
Four of the biggest U.S. banks -- Citigroup Inc. (C) - Get Report , JPMorgan Chase & Co. (JPM) - Get Report , PNC Financial Services Group Inc. (PNC) - Get Report and Wells Fargo & Co. (WFC) - Get Report -- report earnings on Friday, July 13.
The upbeat sentiment on profits, as well as an apparent lull in the trade war rhetoric between Washington and its economic allies, propelled the Dow to a gain of 320 points on Monday, July 9.
Twenty-First Century Fox Inc. (FOXA) - Get Report is preparing a new bid for Sky PLC that would value it at about £25 billion ($33.1 billion), a clear sign it is committed to beating Comcast Corp. (CMCSA) - Get Report for the television group, the Financial Times reported.
Fox is preparing to make the new bid as soon as this week if, as expected, its earlier bid for Sky is formally approved by the U.K. government, according to the Financial Times. Fox Shares rose 0.6% while Comcast fell 0.6%.
Shares of eBay Inc. (EBAY) - Get Report fell 2.2% following a downgrade to hold from buy at SunTrust Robinson Humphrey. The firm said it expects eBay to face headwinds from a Supreme Court ruling that e-commerce sales tax laws.
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