US stocks climb as markets strive for 5-day win streak on the back of strong corporate earnings
- US stocks surged on Tuesday as third-quarter earnings continued to beat expectations.
- The S&P 500 is on track for a 5-day win streak and is just 1% below its record high.
- Bitcoin climbed to about $63,000 on Tuesday as the highly anticipated bitcoin futures ETF launches.
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US stocks moved higher on Tuesday and were on track for a 5-day win streak amid a continued deluge of strong third-quarter corporate earnings.
Dow Jones components Procter & Gamble and Johnson & Johnson both reported earnings results that were better than analyst expectations on Tuesday.
Of the 41 companies on the S&P 500 that have reported earnings so far, 85% beat earning estimates by a median of 10%, according to Fundstrat. A total of 76 additional S&P 500 companies are set to report earnings results this week.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:
- S&P 500: 4,501.67, up 0.34%
- Dow Jones Industrial Average: 35,369.83, up 0.32%
- Nasdaq Composite: 15,062.28, up 0.27%
Bitcoin traded higher to about $63,000 on Tuesday as investors get ready for the highly anticipated launch of a bitcoin futures ETF.
Fundstrat's Tom Lee said the launch of a bitcoin futures ETF on Tuesday could jumpstart demand for the cryptocurrency and send it soaring 170% to $168,000 as an equilibrium between supply and demand is worked out.
While the ProShares bitcoin futures ETF begins trading on Tuesday, Invesco ditched its plans to launch its own bitcoin futures ETF, losing out on a big potential first-mover advantage.
The SEC released its summary report on the GameStop short-squeeze that took place earlier this year, and said overwhelmingly positive sentiment from Reddit day traders is what drove a bulk of the surge in the stock.
West Texas Intermediate crude oil rose 0.10%, to $81.77 per barrel. Brent crude, oil's international benchmark, rallied 0.14%, to $84.45 per barrel.
Gold jumped as much as 0.89%, to $1,781.50 per ounce.