Stocks came off highs on Tuesday morning, threatening a record run that saw all benchmark indexes close at new highs on Monday, as crude oil prices faltered.
The S&P 500 was up 0.03%, the Dow Jones Industrial Average added 0.12%, and the Nasdaq rose 0.13%. The Dow traded above a milestone 19,000 for the first time and has hovered near that level ever since markets opened.
Wall Street scored a trifecta of record closes on Monday as a crude oil rally gave stocks an across-the-board boost. The S&P 500, Dow, and Nasdaq each scored their own record close, the first time all have done so on the same day since mid-August. The three had previously closed at records simultaneously back in 1999.
Crude oil prices fell back from Monday's highs on Tuesday, though remained above $48 a barrel. Prices surged on Monday after Russian President Vladimir Putin suggested a willingness to agree to a production freeze deal with Organization of Petroleum Exporting Countries. OPEC officials are currently meeting in Vienna to discuss terms of a deal. Members will meet again in Vienna on Nov. 30 to vote on the deal. A Nigerian delegate told The Wall Street Journal that members should be on board with the terms "by the end of the day."
Oil prices have fluctuated on renewed hopes for an OPEC deal that would rein in record production from the world's largest oil producers. OPEC aims to limit production to 32.5 million to 33 million barrels a day. The bloc reached a record 33.83 million barrels a day last month.
"The focus is firmly fixated on next week's meeting of OPEC with Russia," said Fawad Razaqzada, technical analyst at FOREX.com. "Oil prices remain generally supported but inside a market structure that is characterized by lots of false moves and indecisive price action. I am expecting to see further choppy price action until at least after the OPEC meeting."
West Texas Intermediate crude oil for January delivery was down 0.4% to $48.08 a barrel.
Existing home sales neared a 10-year high in October as demand continued to outpace supply. Sales of previously owned homes climbed 2% to an annual pace of 5.6 million in October, the highest level since February 2007, according to the National Association of Realtors. Analysts anticipated an annual pace of 5.42 million. The median home price rose 6% to $232,200.
DSW (DSW) increased 4% after lifting its full-year outlook on the back of tighter cost controls and improved sales. The shoe retailer anticipates full-year adjusted profit between $1.35 and $1.45 a share, up from its previous range of $1.32 to $1.42.
Campbell Soup (CPB) moved higher following a better-than-expected quarter. Net income rose to 94 cents a share from 62 cents in the year-ago quarter. Adjusted earnings of $1 came in a dime above estimates. The canned-goods company anticipates full-year sales flat to up 1% and for adjusted earnings to increase by 2% to 5%.
Burlington Stores (BURL) increased 8% after same-store sales and revenue topped analysts' consensus estimates. The discount retailer reported a 3.7% increase in same-store sales over its recent quarter, higher than anticipated 3.3% growth. Sales increased 8.9% to $1.35 billion, higher than $1.32 billion consensus.
Barnes & Noble (BKS) climbed 5% after narrowing its second-quarter loss and reporting better-than-expected sales. The book retailer reported a loss of 29 cents a share, narrower than a loss of 36 cents in the year-ago quarter and better than an estimated loss of 39 cents. Sales declined 4% to $858.5 million, a result blamed on sluggish sales tied to the election cycle. Analysts anticipated sales of $845 million.
Hormel Foods (HRL) rose 3% after reporting a solid outlook for its fiscal 2017. The owner of Skippy peanut butter expects full-year profit between $1.68 and $1.74 a share, higher than consensus of $1.68. Fiscal organic sales are expected to grow 5%, driven by growth in its grocery products unit and its Jennie-O Turkey Store business.
Palo Alto Networks (PANW) fell more than 10% after reporting a mixed first quarter. The tech company earned 55 cents a share, 2 cents above estimates. Sales surged 34% to $398.1 million, though fell short of consensus by $2.1 million. The security software developer also issued weaker-than-expected guidance, targeting current-quarter sales no higher than $432 million. Analysts anticipated sales of $439 million.
Jack in the Box (JACK) fell 3% despite topping quarterly earnings estimates. The fast food chain earned $1.03 a share over its fourth quarter, 15 cents higher than expected. Revenue climbed 12.5% to $398.42 million, in-line with consensus.