Stocks start mixed as tensions ease

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 intraday high of 1,987.58 right out of the gate on Wednesday. If the broad index closes above 1,985.59, that will mark its 26th record close this year alone.

The Dow Jones Industrial Average opened lower, dropping about 0.2%. Still, the benchmark is not far from its intraday record of 17,151.56 that was set just last week. Boosted by upbeat tech earnings, the Nasdaq edged 0.24% higher. All three major indexes landed in the green on 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 on Moscow.

"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) jumped 1% a day after the iPhone maker reported a jump in sales and profit for the last quarter. Investors largely overlooked a more cautious tone for the current quarter.

PepsiCo (PEP) popped almost 3% after the food-and-beverage behemoth beat the Street and boosted its outlook for the year.

Dow Chemical (DOW) impressed investors by posting across-the-board sales growth and a slight earnings beat. Shares of the chemical giant rallied about 1%.

Microsoft (MSFT, Tech30) rose over 1% even after the tech giant's earnings trailed expectations due to trouble at Nokia. Still, Microsoft managed to beat Wall Street's revenue expectations.

The latest numbers from Delta Air Lines (DAL) should allow this stock to continue its high-flying ways. The carrier's shares rose about 1% on earnings growth that topped forecasts.

Boeing (BA) shares fell 2% as Wall Street focuses on the jet maker's disappointing revenue increase. Boeing did report earnings that beat expectations and upgrade its outlook for the year.

3. Tech stock movers - PepsiCo, Intuitive Surgical, Juniper: Intuitive Surgical (ISRG) raced 12% higher a day after the robotic surgery company posted slumping profits and revenue that managed to exceed estimates.

Biogen Idec (BIIB) provided a boost to the much-maligned biotech sector. The drug maker surged 12% after logging earnings and revenue that trounced expectations.

Related: CNNMoney's Tech30

Broadcom (BRCM) enjoyed a 4% bounce after the chip maker announced plans to cut 2,500 jobs. The tech company also posted an earnings beat despite a drop in revenue.

On the other hand, Juniper Networks (JNPR) took a 9% hit after the networking-equipment company forecasted soft earnings and revenue for the third quarter.

AT&T (T, Tech30) and Facebook (FB, Tech30) are scheduled to hit the earnings stage after the closing bell.

First Published: July 23, 2014: 9:57 AM ET

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