By Anora Mahmudova and Sara Sjolin, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market opened higher,
as investors digested second-quarter results coming in through
thick and fast.
The S&P 500 (SPX) opened 8 points, or 0.4%, higher at
1,981.66, led by stellar results from Chipotle Mexican Grill Inc.
The Dow Jones Industrial Average (DJI) added 42 points, or 0.2%, to
17,090.26. The Nasdaq Composite (RIXF) began the trading session up
25 points, or 0.6%, at 4,449.68.
Follow MarketWatch's live blog of today's stock-market
action.
In economic news, consumer prices gained again in June, but the
rise was not as broad-based as in the prior month and was driven
mainly by the rising cost for gasoline.
Inflation, as measured by CPI, has picked up noticeably in
recent months, but Tuesday's tame reading could ease some of those
concerns.
The National Association of Realtors will report on
existing-home sales at 10 a.m. Eastern Time. Economists expect an
annual rate of 5 million for June, compared with a 4.89 million
pace in May. The FHFA house-price index is also due in the
morning.
After six blue chip companies reported results before Tuesday's
open, the impact of their shares on the Dow industrials capped
gains.
Coca-Cola (KO) shares fell 3% after the beverage giant reported
second-quarter sales that fell short of forecasts, while profit
topped estimates.
McDonald's (MCD) shares dropped 2.4% after the fast-food
restaurant chain reported earnings that came in below
expectations.
Verizon Communications Inc. (VZ) said second-quarter profit grew
sharply thanks to its recent acquisition of Verizon Wireless.
Shares were off slightly nevertheless.
Shares of Comcast Corp. (CMCSA) rose 2.3% after the cable
company said second-quarter profit rose 15%, in part as it reduced
its rate of video-subscriber losses.
Industrial and aerospace products maker United Technologies
Corp. (UTX) posted quarterly earnings and sales that surpassed
expectations. It also raised its full-year earnings forecast.
Shares were down slightly. Read more about the day's big movers
here.
One headline earnings report, however, isn't out until after the
closing bell. Apple (AAPL) will release fiscal third-quarter
results, and it is forecast to have earned $1.23 a share for the
quarter ended in June, which reflects the 7-for-1 stock split that
took effect June 9. During the same period a year ago, Apple earned
a pre-split $7.47 a share.
Microsoft (MSFT) also reports after the markets close. Also
read: Apple, Microsoft to awaken 'comfortably numb' markets.
Herbalife Ltd. (HLF) was 1.2% higher, rebounding from losses on
Monday when shares tumbled after activist investor Bill Ackman said
he plans to deliver a "deathblow" to the company, by exposing it as
a "massive fraud." The presentation is planned for Tuesday at 10
a.m. Eastern.
Amazon.com Inc. (AMZN) lost 1% after Citigroup cut its view on
the online retailer to neutral from buy.
Conflict between Russia and Ukraine remains in the spotlight, as
European Union foreign ministers are gathering in Brussels on
Tuesday to discuss further sanctions on Russia following the
incident.
In Tuesday's trade, European and Asian equity markets were
gaining. Oil futures (CLQ4) continued to rise, while metals prices
(GCQ4)were mostly lower. The dollar advanced against most
rivals.
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