US stocks gain as investors assess latest wave of 2nd-quarter earnings results

• US stocks edged higher on Tuesday as investors begin to assess second-quarter earnings results.
• More than 70 S&P 500 companies are set to report results this week, including Netflix, Tesla, and AT&T.
• Of the 43 S&P 500 companies that have already reported results, about 60% beat profit and sales expectations.

US stocks moved higher in Tuesday trades as investors begin to assess second-quarter earnings amid concerns of high inflation and a potential slowdown in global growth.

More than 70 S&P 500 companies are set to report results this week, including highly anticipated reports from names like Netflix, Tesla, and AT&T.

So far, 43 S&P 500 companies have reported, with mega-cap banks like JPMorgan kicking off earnings season late last week. About 60% of the companies that have reported results so far beat profit and sales expectations, according to data from Fundstrat.

But those beats are getting smaller than normal, with profits beating expectations by a median of 5%, and sales beating estimates by a median of just 1%.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

• S&P 500: 3,867.56, up 0.96%
• Dow Jones Industrial Average: 31,269.38, up 0.63% (196.77 points)
• Nasdaq Composite: 11,489.90, up 1.14%

Earnings from IBM showed investors how big of an impact a rising US dollar can have on bottom-line results for a multinational company. The enterprise company cut its forecast for free-cash flow due to the strength in the US dollar and its loss of business in Russia. Shares fell as much as 6% in Tuesday trades.

Professional investors are showing extreme signs of pessimism towards US stocks, and that could be a contrarian indicator that supports a rally in the second half of the year, according to Bank of America. The bank's most recent fund manager survey showed high cash allocations and low expectations for global growth.

Warren Buffett continues to see a bargain in Occidental Petroleum, having boosted Berkshire Hathaway's stake by more than $120 million. Berkshire now owns a direct stake of nearly 20% in the oil and gas company, and holds warrants to buy even more shares in the company.

West Texas Intermediate crude oil fell as much as much as 2.04% to $97.39 per barrel. Brent crude, oil's international benchmark, fell as much as 1.59% to $104.58.

Bitcoin jumped 1.85% to $22,295. Ether prices rose 3.60% to $1,570.

Gold fell as much as 0.12% to $1,709.20 per ounce. The yield on the 10-year Treasury was flat at 2.98%.