NEW YORK (CNNMoney) That was fast. The S&P 500 cruised to a new intraday record right out of the gate. It's yet another sign that investors, at least in the United States, aren't that worried about global conflicts hurting big companies. 1. The numbers: The S&P 500 traded as high as 1,989.29 and is on track to celebrate its 26th record close this year.
The Dow Jones Industrial Average drifted lower at the open, but has since trimmed its losses. The Dow remains just shy of its intraday record of 17,151.56 that was set only last week. Boosted by upbeat tech earnings, the Nasdaq edged 0.4% higher. All three major indexes ended in the green Tuesday.
Here's what to watch today:
2. Geopolitical jitters ease: Major indexes across Europe inched 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 0.2%, while Russia's Micex index slipped 0.3%, taking its losses for the year to nearly 7%.
Asian markets largely advanced. Indonesia markets were helped by news that former Jakarta governor Joko Widodo had won the presidential election.
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) jumped almost 3% after the world's largest 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 (PE! P) also rallied nearly 3% after the food-and-beverage behemoth beat the Street and boosted its outlook for the year.
Microsoft (MSFT, Tech30) ticked higher 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.
Apple & Microsoft: Both kicking butt Dow Chemical (DOW) impressed investors by posting across-the-board sales growth and a slight earnings beat.
Boeing (BA) shares declined 2% 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.
4. Tech stock movers -- Intuitive Surgical, Biogen: Intuitive Surgical (ISRG) raced 14% 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 11% after the drugmaker logged earnings and revenue that trounced expectations.
On the flip side, shares of Juniper Networks (JNPR) tumbled 10% 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.
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