Closing Bell: Retail Slumps After Gap July Sales; U.S. Stocks Climb

U.S. stocks ended Tuesday's session barely higher, though the S&P 500 did nab a new intraday record. Crude was a drag on markets after the EIA predicted U.S. production will decline in 2016 by smaller measures than previously forecast. A disappointing July sales update from Gap (GPS) - Get Report and warning of a cautious outlook for the second half left retailers spiraling. Major chains Kohl's (KSS) - Get Report , Macy's (M) - Get Report , and Target (TGT) - Get Report were all lower on Tuesday. Online retailer Wayfair (W) - Get Report slumped after quarterly expenses spiked, widening net losses. Expenses rose 69 percent as the home-goods company worked to improve delivery times and fuel customer growth. Delta Air Lines (DAL) - Get Report  cancelled roughly 530 flights on Tuesday, adding to the 1,000 cancellations on Monday. The airline has been in damage control mode since a system outage grounded thousands.