Updated from 10:20 a.m. ET, Tuesday, Aug. 1.
Stocks moved higher on the first day of August, though weak auto sales capped any big gains.
The Dow Jones Industrial Average jumped 0.3% to 21,953, striking an all-time high of 21,988 earlier in the session. The S&P 500 increased 0.14% and the Nasdaq added 0.15%.
The Dow finished Monday with its fourth record session in a row.
Ford Motor Co. (F - Get Report) , General Motors Co. (GM - Get Report) and Fiat Chrysler (FCAU - Get Report) reported worse-than-expected July sales on Tuesday. Ford's sales dipped 7.5% vs. an expected 5% decline. Ford's weaker performance was driven largely by lower fleet sales, which were down 26.4%. Retail sales declined 1%.
GM reported a 15.4% drop in unit sales to 226,107. Analysts had expected a narrower 9.1% decline. Retail sales fell 14.4%.
Fiat Chrysler's sales dropped 10.7% vs. an expected decline of 7%. Fiat Chrysler reported lower sales as daily rental fleets contributed to its July decline.
Toyota Motor Corp. (TM - Get Report) was the only automaker to surprise analysts with a better July than anticipated. Unit sales rose 3.6% to 222,057 units, far better than an expected decline of 4.3%. Toyota and Lexus sales rose, while Camry and Corolla sales declined.
Ford and GM shares were lower on Tuesday, while Fiat Chrysler and Toyota shares gained.
Apple Inc. (AAPL - Get Report) will release its recent quarterly performance after the bell Tuesday, August 1, in what is one of the most closely-watched reports of the season. The world's largest company is expected to post earnings of $1.57 a share during its quarter that ended in June, a 10% increase from a year earlier. Sales are forecast to have climbed nearly 6% to $44.9 billion.
Pfizer Inc. (PFE - Get Report) beat analysts' estimates on its bottom-line. Adjusted profit of 67 cents a share came in 2 cents higher than expected. However, revenue of $12.9 billion missed forecasts of $13.07 billion. The drugmaker lifted its full-year adjusted earnings guidance to $2.54 to $2.60 a share, up from its previous range of $2.50 to $2.60. The stock fell 0.9%.
Xerox Corp. (XRX - Get Report) also reported a mixed quarter. The copier company earned an adjusted 87 cents a share, 7 cents above expectations. Revenue of $2.57 billion fell short of $2.62 billion consensus. Its full-year adjusted earnings guidance of $3.20 to $3.44 a share was in line with $3.32 consensus.
Under Armour Inc. (UA - Get Report) cut its full-year forecasts and the stock tumbled 8%. The retailer anticipates full-year sales growth of 9% to 11%, down from its previous targets of 11% to 12%. Adjusted earnings guidance of 37 cents to 40 cents a share came in lower than a target of 42 cents. Under Armour also announced a restructuring plan, involving job cuts, that is expected to rack up charges of $110 million to $130 million.
BP PLC (BP - Get Report) posted second-quarter earnings largely in-line with forecasts and maintained its dividend as the company swung to a profit thanks to gradually rising global oil prices. BP said profit for the three months ended in June was $144 million, a massive swing from the $1.42 billion loss recorded during the same period last year. Underlying replacement cost profit slipped 5% to $684 million, but still topped a company-provided estimate of $500 million.
Lumber Liquidators Holdings Inc. (LL - Get Report) rocketed 32% higher after posting an unexpected profit in its recent quarter. The company swung to earnings of 16 cents a share from a loss of 45 cents a year earlier. Analysts anticipated a net loss of 6 cents a share. Revenue of $263.5 million exceeded estimates of $256.9 million. Same-store sales increased 8.8%, outpacing an anticipated 6% rise.
Sprint Corp. (S - Get Report) moved 10% higher after returning to profit for the first time in three years. The telecom earned 5 cents a share over its first quarter compared to a loss of 8 cents a year earlier. Analysts anticipated a loss of a penny a share. Revenue of $8.16 billion came in slightly below estimates. Postpaid phone customers increased by 88,000, while prepaid customers rose by 35,000. Sprint forecasts cost cuts of an additional $1.3 billion to $1.5 billion over fiscal 2017.
U.S. personal incomes came in flat in June, while consumer spending ticked up slightly. Incomes were flat month-on-month in June, falling short of 0.4% growth consensus. Income increased by 0.4% in May. Spending rose by 0.1%, which was in line with estimates. Core personal consumption expenditures rose by 0.1% in June and have risen 1.5% over the past 12 months.
Manufacturing activity weakened in July, though a touch less than anticipated. The ISM Manufacturing Index slipped to 56.3 in July, down from a reading of 57.8 in June. Analysts anticipated a reading of 56.2. The index has remained in expansion territory for 98 months in a row. New orders, production and the employment index each slipped.
A separate reading on manufacturing showed strengthening in the sector. Markit Economics' PMI manufacturing index climbed to 53.3 in July, a four-month high. Output and new orders increased. Markit had registered a reading of 52 in June.
Construction spending in June showed an unexpected decline. The Census Bureau reported a 1.3% drop in June spending to $1.21 trillion. Economists anticipated an increase of 0.5%.
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