Dow extends winning streak to 7 days as US stocks jump on strong bank earnings

• US stocks gained on a strong earnings season for among lenders.
• Earnings reports from Bank of America and Morgan Stanley beat expectations.

US stocks climbed on Tuesday on strong bank earnings and as investors get ready for another wave of big reports to come on Wednesday.

Retail sales and industrial production fell short of estimates to start the day on Tuesday. Retail rose by 0.2% in June, where estimates expected a 0.5% climb. At the same time, the Federal Reserve's measure of industrial production declined for a second month, dropping by 0.5%. Manufacturing output dropped 0.3%, the sharpest decline in three months.

But weaker macro data was offset by an upside earnings surprise from Bank of America and Morgan Stanley, the latter of which beat estimates on record revenue in its wealth management unit.

Looking ahead, Tesla and Netflix are among big names to release their earnings on Wednesday. Investors are expecting second-quarter reporting season to represent a trough in corporate earnings.

Here's where US indexes stood at the 4:00 p.m. ET closing bell on Tuesday:

• S&P 500: 4,554.98, up 0.71%
• Dow Jones Industrial Average: 34,951.93, up 1.06% (366.58 points)
• Nasdaq Composite: 14,353.64, up 0.76%

Here's what else has happened today:

• Housing is facing its lowest inventory of all time as only 1% of homeowners sold their house in 2023's first half
• Tesla's board of directors will give back $735 million to settle claims of being overpaid.
• El Niño could cause inflation and supply chain disruptions, putting downside pressure on markets, Charles Schwab said.
• Investors are putting all their attention on Tesla's margins as they gear up for Wednesday's earnings report.
• A colder winter and a shut off in Russian gas exports would be bad news for Europe, the International Energy Agency warns.

In commodities, bonds and crypto:

• West Texas Intermediate crude climbed 1.74% to $75.63 per barrel. Brent crude, oil's international benchmark, moved up 0.92% to $79.64.
• Gold rose 0.61% to $1977.36 per ounce.
• The yield on the 10-year Treasury edged up 0.4 basis points to 3.8%.
• Bitcoin declined 0.13% to $29,877.13.