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   gained Tuesday for the fourth-straight session. Leading the index higher were Procter & Gamble Co. (PG) and Boeing Co. (BA) .
  • PepsiCo Inc. (PEP)  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.

The Dow Jones Industrial Average   closed up 143 points, or 0.58%, to 24,920, the S&P 500  rose 0.35% and the Nasdaq    edged up 0.04%. It was the S&P 500's highest close since Feb. 1.

PepsiCo Inc. (PEP) 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) , JPMorgan Chase & Co. (JPM) , PNC Financial Services Group Inc. (PNC) and Wells Fargo & Co. (WFC) -- 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. 

PepsiCo, Citigroup and JPMorgan Chase are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

Twenty-First Century Fox Inc. (FOXA) 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) 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%.

Comcast is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CMCSA? Learn more now.

Celgene Corp. (CELG)  gained 0.9% after the company reported positive results from a late-stage trial of a breast cancer treatment.

Shares of eBay Inc. (EBAY) 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.

Wynn Resorts Ltd. (WYNN) rose 3.3% after analyst Steven Wieczynski of Stifel Nicolaus raised his rating on the casino operator to buy from hold.

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