US stocks notch 5th straight day of gains as investors cheer strong quarterly earnings

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US stocks notch 5th straight day of gains as investors cheer strong quarterly earnings
A stock trader claps at the end of trade at the New York Stock Exchange EMMANUEL DUNAND/AFP via Getty Images
  • The S&P 500 and Nasdaq 100 notched their fifth-straight session of gains on Tuesday.
  • Third-quarter earnings results are picking up where the second-quarter left off and impressing investors.
  • Of the 41 companies in the S&P 500 that have reported earnings so far, 85% beat earning estimates by a median of 10%.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks closed higher on Tuesday, helping the S&P 500 and Nasdaq 100 notch a five-day win streak amid an onslaught of third-quarter earnings results.

Dow Jones components Procter & Gamble and Johnson & Johnson both reported earnings results that were better than analyst expectations on Tuesday. Earnings results from S&P 500 company Intuitive Surgical leaked a couple hours early Tuesday afternoon and also beat earnings estimates.

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.

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

Bitcoin traded higher to about $63,000 on Tuesday as investors get ready for the highly anticipated launch of a bitcoin futures ETF. The ProShares Bitcoin Strategy ETF had one of the best ETF launches ever, with more than $900 million worth of shares traded in its first day.

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.

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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.

A fund manager survey from Bank of America found that investor bullishness is at a one-year low as worries of inflation, supply chain disruptions, and a slowdown in economic growth begin to grow. The low sentiment readings come even as the S&P 500 trades 1% below its record high.

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West Texas Intermediate crude oil rose 0.70%, to $82.26 per barrel. Brent crude, oil's international benchmark, rallied 0.74%, to $84.95 per barrel.

Gold jumped as much as 0.89%, to $1,781.50 per ounce.

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