NEW YORK (CNNMoney)
Here's what the markets are buzzing about today:
1. More records in sight: That was fast. The S&P 500 cruised to a new all-time high of 1,988.43 right out of the gate. If it closes above 1,985.59, that will mark its 26th record close this year.
The Dow Jones Industrial Average drifted lower at the open settling in around the breakeven mark. The Dow remains just shy of its intraday record of 17,151.56 that was set just last week. Boosted by upbeat tech earnings, the Nasdaq edged 0.4% higher. All three major indexes ended in the green Tuesday.
Related: Fear & Greed Index still stymied by fear
2. Geopolitical jitters ease: Major indexes across Europe floated higher after EU officials stopped short of imposing tough economic sanctions against Russia.
"I think some of the macro geopolitical concerns have, at least for the moment, moved back to the back burner," said Art Hogan, chief market strategist for Wunderlich Securities, referring to violent conflicts in Israel and Ukraine. "It's a market that's shifted its focus over the last 24 hours back to earnings."
Still, the relief could be short-lived as Europe demanded Russia's "full and immediate" cooperation over Ukraine or risk losing access to European finance, defense equipment and energy technology. Also, Ukraine said a pair of its fighter jets were shot down in rebel held territory on Wednesday, underscoring the continued tensions.
Germany's Dax gained 0.4%, while Russia's Micex index slipped 0.3%, taking its losses for the year to nearly 7%.
Asian markets were mainly firmer. Indonesia markets were helped by news that former Jakarta governor Joko Widodo had won the presidential election.
Related: Nothing can ground Delta. Earnings fly higher!
3. Big-name earnings excitement: Wall Street continues to applaud healthy report cards from Corporate America. Not only are the vast majority of companies beating earnings expectations, an impressive chunk are also exceeding revenue forecasts. That's a positive sign for the economy and stock prices.
Shares of Apple (AAPL, Tech30) bounced higher a day after the the company reported a quarterly jump in sales and profit. Investors largely overlooked a more cautious outlook for the current quarter, as well as slowing iPad sales.
PepsiCo (PEP) jumped nearly 3% after the food-and-beverage behemoth beat the Street and boosted its outlook for the year.
Microsoft (MSFT, Tech30) rose as investors focused on the tech giant's revenue, which beat Wall Street's expectations.
The latest numbers from Delta Air Lines (DAL) should keep the airline's stock flying high. The carrier's shares ascended about 4% following strong earnings.
Dow Chemical (DOW) impressed investors by posting across-the-board sales growth and a slight earnings beat.
Boeing (BA) shares declined, after the jet maker reported a lower-than-expected revenue increase. On the upside, Boeing reported earnings that beat expectations and upped its outlook for the year.
3. Tech stock movers - Intuitive Surgical, Biogen: Intuitive Surgical (ISRG) raced 13% higher a day after the robotic surgery company posted profits and revenue that topped estimates, despite coming in lower than a year ago.
Biogen Idec (BIIB) provided a boost to the much-maligned biotech sector. Shares surged 10% after the drugmaker logged earnings and revenue that trounced expectations.
Related: CNNMoney's Tech30
On the flip side, shares of Juniper Networks (JNPR) tumbled 11% after the networking-equipment company forecast soft earnings and revenue for the third quarter.
It's also been an ugly day for chip maker Xilinx (XLNX). The company's shares plummeted 16% on disappointing revenue and a gloomy outlook for the current quarter.
AT&T (T, Tech30) and Facebook (FB, Tech30) are scheduled to report after the closing bell.
First Published: July 23, 2014: 9:57 AM ET
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