US stocks trade mixed as S&P 500 looks to extend 8-day winning streak

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Traders work on the floor of the New York Stock Exchange.

  • US stocks were mixed on Tuesday, taking a breather after notching record closing highs on Monday.
  • Strong third-quarter earnings results could help the S&P 500 extend its winning streak to nine days.
  • Of the 90% of S&P 500 companies that have reported earnings so far, 81% are beating estimates.

US stocks were mostly higher on Tuesday as the S&P 500 looks to extend its winning streak to nine days and close at fresh record highs.

The Nasdaq led the early gains, with the S&P 500 slightly higher and the Dow Jones slightly lower.

The ongoing rally in stocks comes as third-quarter earnings continue to beat analyst estimates. Of the 90% S&P 500 companies that have reported earnings so far, 81% are beating profit estimates by a median of 9%, and 72% are beating revenue estimates by an average of 5%, according to data from Fundstrat.

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

The rally in risk assets wasn’t exclusive to stocks, as cryptocurrencies like bitcoin and ether neared record highs of $70,000 and $5,000, respectively. Both cryptocurrencies extended their win streaks to a fourth day in Tuesday trades.

Meanwhile, as investors seek to benefit from the continued growth in electric vehicles, one lingerie company is giving its shareholders the ability to gain exposure to the growing EV trend through its reverse merger with Cenntro Automotive. Shares of Naked Brands popped as much as 30% on the news.

Kimbal Musk sold $109 million worth of Tesla stock just before his cousin Elon Musk tweeted a poll about his potential sale of billions worth of shares.

Roblox soared as much as 27% on Tuesday after the online-gaming platform reported a doubling in revenue in its third-quarter earnings results.

West Texas Intermediate crude oil jumped 0.60% to $82.42 per barrel. Brent crude, oil’s international benchmark, rose 0.44% to $83.80 per barrel.

Gold climbed as much as 0.07% to $1,829.30 per ounce.