Updated from 10:29 a.m. ET, Wednesday, July 26.

Stocks were higher on Wednesday, July 26, as investors digested earnings from the likes of Advanced Micro Devices Inc.  (AMD)  and Boeing Co. (BA) .

The S&P 500 added 0.04%, the Dow Jones Industrial Average was up 0.48%, and the Nasdaq climbed 0.14%. Each index opened at record highs.

Solid gains on Wall Street on Tuesday, July 25, sent the S&P 500 and Nasdaq to new records, while the Dow missed out on its own by points. The S&P 500 added 0.29% to 2,477, while the Nasdaq rose 0.02% to 6,412, turning around after spending the morning in the red. The Dow jumped 0.47% on Tuesday, but fell short of a new record by less than 30 points. A mix of earnings was responsible for much of the day's moves.

Dow component Boeing Co. rose 7% following an earnings beat. The plane manufacturer swung to a profit of $2.89 a share from a loss of 37 cents in the year-ago quarter. Adjusted profit of $2.55 a share came in higher than $2.30 consensus. Revenue slid 8.1% to $22.74 billion and missed estimates of $23.02 billion.

AMD was sharply higher Wednesday as cryptocurrency use increased demand for its graphics chips. Second-quarter revenue rose 19% to $1.22 billion, beating estimates of $1.16 billion. Adjusted earnings of 2 cents a share exceeded estimates of a flat reading. Computing and graphics revenue increased 51% from a year earlier. 

Ford Motor Co. (F) easily beat Wall Street earnings estimates, posting second-quarter adjusted profit of 56 cents a share compared to estimates of 43 cents. The report from the No. 2 U.S. automaker was the first under new CEO Jim Hackett, who replaced former CEO Mark Fields in May. Revenue in the quarter was $39.85 billion; analysts expected $37.28 billion. The stock fell 1.4%.

Chipotle Mexican Grill Inc. (CMG)  moved lower even after the burrito chain posted second-quarter earnings ahead of forecasts. Profit in the quarter was $2.32 a share; analysts had expected Chipotle to report $2.18. Revenue in the quarter rose $17.1% to $1.17 billion and same-store sales rose 8.1%. Revenue came in shy of analysts' estimates of $1.19 billion.

During the company's conference call, Chipotle CEO Steve Ells touched on food safety which first plagued the company in 2015, and more recently caused a closure at a Virginia location. Ells detailed several steps and procedures in conjunction with a plan to strengthen the company's commitment to developing one of the "most advanced" foods safety systems.Regarding the Norovirus specifically, Ells said that the outbreak last week wasn't related to the company's food supply and that he is disappointed that Chipotle failed in preventing it from spreading.

Coca-Cola beats estimates, barely.
Coca-Cola beats estimates, barely.

Coca-Cola Co. (KO)   reported a better-than-expected quarter. The beverage company earned an adjusted 59 cents a share, 2 cents higher than estimates. Revenue of $9.7 billion was down from $11.5 billion a year earlier but was in-line with expectations. A decline in revenue was tied to currency headwinds.  

Before Wednesday's market open, the beverage giant reported second-quarter earnings of 59 cents a share on revenue of $9.7 billion, compared to Wall Street's estimates for earnings of 57 cents a share on revenue of $9.7 billion. Coca-Cola rose slightly.

AT&T Inc. (T)  increased 4% after exceeding second-quarter earnings estimates. The telecom added 127,000 new wireless postpaid subscribers over its recent three-month period, far higher than analysts' expectations for growth of 20,500. Earnings of 79 cents a share topped estimates by a nickel. Revenue of $39.8 billion was in-line with forecasts. 

United States Steel Corp. (X)  surged 10.5% on a second-quarter earnings beat and solid guidance for the full year. The steel company earned $1.48 a share, far higher than estimates of 36 cents. Revenue of $3.14 billion exceeded consensus of $2.98 billion. For the full year, U.S. Steel anticipates earnings of $1.70 a share, above estimates of 84 cents. 

Other earnings of note include Amgen Inc. (AMGN) , Corelogic Inc. (CLGX) , Express Scripts Holding Co. (ESRX) , Juniper Networks Inc. (JNPR) , Texas Instruments Inc. (TXN) , Wynn Resorts Ltd. (WYNN) , Six Flags Entertainment Corp. (SIX) , Hess Corp. (HES) , Hershey Co. (HSY) , D.R. Horton Inc. (DHI) , Corning Inc. (GLW) , Bloomin' Brands Inc. (BLMN) , Baxter International Inc. (BAX) , Anthem Inc. (ANTM)  and Angie's List Inc. (ANGI) .

Crude oil prices rose on Wednesday after another decline in weekly domestic inventories. U.S. crude stockpiles dropped by 7.2 million barrels in the week ended July 21, according to the Energy Information Administration. The decline was far sharper than an expected drop of 2.5 million barrels. 

West Texas Intermediate crude oil was up 1.7% to $48.72 a barrel on Wednesday. 

Energy stocks led gains on Wall Street. Industry leaders including Exxon Mobil Corp. (XOM) , Chevron Corp. (CVX) , Halliburton (HAL)  and Schlumberger Ltd. (SLB) were higher. The Energy Select Sector SPDR ETF (XLE) added 0.44%. 

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 (leaving the federal funds rate at 1% to 1.25%), 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 at the earliest.

"There's getting close to zero chance of the Fed raising rates before December," Mike Piershale, president of Piershale Financial Group, told TheStreet.

Piershale noted that the Fed's decision to end its reinvestment policy in coming months should cause more concern for markets: "We do have some concern about that causing some volatility and it's such unprecedented territory I'm not sure if anybody honestly knows what it's going to do."

The Fed currently holds $4.5 trillion in Treasurys and mortgage-related bonds on its balance sheet. Unloading those would likely tighten monetary conditions in the same way an interest rate hike would. The Fed has emphasized that when it plans to do so, it will be a gradual process.

New home sales rose at a slightly slower pace than anticipated in June. The Census Bureau reported a 0.8% month-on-month increase in sales of new single-family houses in June, reaching a seasonally adjusted annual rate of 610,000. That was slightly below an expected increase to 615,000. Sales increased for a second straight month. 

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