Stock market live Tuesday: S&P 500 hits another record, Apple drags down Dow, oil jumps to 5-month high

This is CNBC's markets live blog that was updated throughout the day. 

The Dow Jones Industrial Average underperformed as Apple fell for the first time in six days. Meanwhile, the S&P 500 and the Nasdaq Composite both managed to refresh their respective records. Investors digested a slew of economic data as well as the progress on the U.S.-China phase-one trade deal. Here's what's happened:

Tuesday's market by the numbers

  • S&P 500 closed up 0.36% for its fourth straight positive day at a new record close, its 17th this year.
  • S&P 500 also hit a new intraday all-time high of 3,444.21 
  • S&P 500 is up 6.59% year to date
  • S&P 500 is 57.11% above its 52-week low of 2,191.86 from March 23
  • Nasdaq Composite closed up 0.76% for its fourth straight positive day at a new record, its 38th this year
  • Nasdaq also hit a new intraday all-time high of 11,468.28
  • Nasdaq is up 27.79% this year
  • Dow closed down 0.21% for its first negative day in four
  • Dow is down 1.02% this year
  • Dow is 4.46% below its intraday all-time high of 29,568.57 from Feb. 12
  • Six out of 11 sectors were positive Tuesday led by communication services, which gained 0.97% 
  • Three out of 11 sectors closed at multi-year highs:  Consumer discretionary and tech hit new records and communication services reached its highest close since 2001. — Gina Francolla, Yun Li

Salesforce pops after earnings beat

Shares of Salesforce jumped 10% in extended trading after the company beat Wall Street expectations for its second quarter. The company reported $1.44 in adjusted earnings per share versus an estimate of $0.67 per share, according to Refinitv. Revenues also beat expectations, coming in at $5.15 billion compared with $4.90 billion anticipated. — Jesse Pound

S&P 500 hits another record, Apple drags down Dow

The S&P 500 rose for a fourth straight day to hit another record closing high, its 17th this year. The Nasdaq Composite also reached a fresh high on Tuesday, boosted by a 3.4% jump in Facebook shares. The Dow, however, dipped about 60 points as Apple, the gauge's biggest influencer, snapped a five-day winning streak. The tech giant closed the session down about 0.8%. — Yun Li

Final hour of trading: S&P 500 headed for another record, Dow falls

The S&P 500 was on pace to notch a fresh all-time high thanks in part to a 3.8% jump in Facebook shares. The tech-heavy Nasdaq was also up 0.6%. The Dow, however, slid 106 points as Apple was headed for its first decline in six sessions.  —Fred Imbert

Oil settles at 5-month high on heels of Gulf of Mexico production shut-ins

Oil jumped to its highest level in five months on Tuesday as hurricane Laura forced 84.3% of production in the Gulf of Mexico to halt operations, according to data from the U.S. government. West Texas Intermediate crude, the U.S. oil benchmark, climbed 73 cents, or 1.71%, to settle at $43.35, its highest settle since March 6. Earlier in the session WTI traded as high as $43.57. International benchmark Brent crude settled 1.62% higher at $45.86 per barrel. - Pippa Stevens 

Nio hits all-time high after UBS upgrade

U.S.-listed shares of electric vehicle company Nio jumped 15% to a new all-time high on Tuesday after UBS upgraded the stock to a neutral rating. 

"We believe NIO has achieved some brand recognition and customer acceptance is increasing," the firm said in a note to clients.

CNBC PRO subscribers can read more here. - Pippa Stevens 

RV industry sees strongest July in four decades

Total RV shipments rose more than 50% year-over-year in July to more than 43,000 units, the biggest July in 40 years, according to the RV Industry Association. Towable RVs rose 56.6% compared with July 2019, while motorhomes rose by 27.4%, the trade association said in a release. Total RV shipments are still down about 10% year-to-date compared with the first seven months of last year. — Jesse Pound

Decliners leading advancers 2-1 at NYSE

About two stocks declined for every advancer at the New York Stock Exchange as the major indexes struggled to find their footing on Tuesday. More than 1,800 NYSE-listed stocks traded lower and 990 were higher, according to FactSet. —Fred Imbert

Markets at midday: Dow under pressure as Apple falls

The 30-stock Dow Jones Industrial Average dropped more than 100 points as Apple shares were headed for their first decline in six sessions. Recently, Apple busted through to a record valuation after the tech giant announced a 4-for-1 stock split. The S&P 500 and Nasdaq, meanwhile, teetered along the flatline in midday trading. —Fred Imbert

Yellen calls on Congress to provide more economic aid

Former Federal Reserve Chair Janet Yellen is calling on Congress to step up with more help for those hurt by the coronavirus pandemic. In an op-ed published Tuesday in the New York Times, Yellen noted that lawmakers left for recess earlier this month without an extension on the benefit plans provided in the earlier days of the crisis. If negotiations after Labor Day prove fruitless, it could further stunt economic growth, the ex-central bank leader wrote in a piece co-authored with economist Jared Bernstein. "The Federal Reserve has largely done its job," the duo wrote, referencing the rate cuts and lending and liquidity facilities the central bank authorized. "Congress, however, cannot expect the Fed to keep everything together on its own." They also noted that the biggest economic and health impacts have been felt by the poor and minorities. The spread of the virus, the loss of extended unemployment benefits and the end of eviction moratoriums all have been particularly hard on those groups, they said. "All three developments disproportionately affect low-income people and persons of color. And aside from the grave ethical questions raised by ending crucial safeguards for the vulnerable, such actions endanger the economy as a whole," Yellen and Bernstein wrote. Bernstein was Democratic presidential nominee Joe Biden's chief economic advisor when Biden was vice president; both recently attended an economic briefing for the candidate. — Jeff Cox

American to lay off 19,000 in October

American Airlines is poised to lay off 19,000 employees when the government moratorium on airline staff cuts ends at the beginning of October, the company said Tuesday. American also said it plans to have roughly half the flight capacity in the fourth quarter compared to the fourth quarter of last year as travel demand struggles to recover from the pandemic. The stock was down 1.7% on Tuesday morning. — Jesse Pound, Leslie Josephs

Analyst behind Apple's highest price target says the iPhone maker's valuation is not stretched

Cowen raised its 12-month price target on Apple to $530 per share on Tuesday, a Street high. "The multiple expansion for Apple started almost a year and a half ago, part of it was driven by services," Cowen's Apple analyst Krish Sankar told CNBC's "Squawk on the Street." Sankar explained that Apple, which has recurring revenue streams due to its services business, trades at a discount to other technology names that have recurring revenues. "Given that Apple has a higher revenue growth rate," added Sankar. "Apple as a single entity looks stretched on a valuation basis, relative to its prior history, but on a relative basis its not," said Sankar.  Shares of Apple ticked more than 1% lower on Tuesday. — Maggie Fitzgerald 

Dow has outperformed S&P 500 over the decades, Siegel says

Wharton professor Jeremy Siegel said on "Squawk Box" that he was not going to question the decision by the committee to make changes to the Dow because of the long-term track record of outperformance for the average. While the S&P 500 has outperformed the Dow during the past decade, the longer history is tilted toward the 30-stock average.

The Dow has been the relative outperformer when measured from the start of 2000, 1990 and 1980. Over the past 40 years, the Dow has gained 3275.12% while the S&P 500 has gained 3078.88%. — Jesse Pound, Peter Schacknow

Dow down 100 as Apple slides

The Dow fell to a 100-point loss for the session as Apple continued to slide. Share of the tech giant have now lost 2%, but the Nasdaq and S&P 500 were trading just above the flat line. — Jesse Pound

Consumer confidence falls for a second straight month

The Conference Board Consumer Confidence Index fell for a second straight month to 84.8 in August, down from 91.7 in July and missing a Dow Jones estimate of 92.5.  "Consumers' optimism about the short-term outlook, and their financial prospects, also declined and continues on a downward path," said Lynn Franco, senior director of economic Indicators at The Conference Board. "Consumer spending has rebounded in recent months but increasing concerns amongst consumers about the economic outlook and their financial well-being will likely cause spending to cool in the months ahead." — Yun Li

Stocks lose ground as tech struggles

The market indexes gave up their early gains as major tech stocks struggled. The Nasdaq Composite fell 0.1%, while the Dow and S&P 500 hovered near the flat line. Shares of Apple lost 1.4%. — Jesse Pound

Market action reminiscent of January and February, Instinet's Cappelleri says

Frank Cappelleri of Instinet pointed out that the S&P 500 has posted just two moves of at least 1% this month, which is tied for the second-fewest all year. He also noted the broader market index has risen in 13 of the past 17 sessions. "This has produced the most persistent trading period since the crash," said Cappelleri. "A persistent tape is characterized by lower volume, shrinking volatility, a narrowing TICK range, tiny intra-day ranges and fewer large one-day gains. Sound familiar? … In other words, August has been more similar to February and January than any other month since the March lows." —Fred Imbert

Dow adds 80 points at the open, S&P 500 notches new record

Both the Dow Jones Industrial Average and the S&P 500 opened higher on Tuesday as Wall Street's hopes for the U.S. economy and fight against Covid-19 boosted risk assets. The S&P 500's opening climb of 0.2% carried it to a new intraday record, topping its prior all-time high of 3,432.09 from Monday's session. The Dow added 80 points, or 0.25%, at the opening bell.

The Nasdaq Composite underperformed the other major indexes as some of the nation's largest technology and communications companies held steady. The Composite lost 0.15% as Apple shed 1.2%, Amazon dropped 0.7% and Tesla fell 0.6%. — Thomas Franck

Here are Tuesday’s biggest analyst calls of the day: Apple, Facebook, Chipotle, Starbucks & more

  • B Riley FBR upgraded Crocs to buy from neutral.
  • Deutsche Bank initiated Jack in the Box as buy.
  • Stifel upgraded Starbucks to buy from hold.
  • Citi upgraded Gap to buy from neutral.
  • Bernstein raised its price target on Chipotle to $1,600 from $1,300.
  • MKM upgraded L Brands to buy from neutral.
  • Cowen reinstated Smith & Wesson as outperform.
  • Cowen raised its price target on Apple to $530 from $470.
  • UBS raised its price target on Facebook to $330 from $242.

Pro Subscribers can read more here. — Michael Bloom

Wall Street upbeat amid infection decline, FDA treatment announcement

The sentiment on Wall Street remained largely upbeat on Tuesday as traders continued to take comfort in both a deceleration in nationwide Covid-19 infections and the weekend announcement from the Food and Drug Administration on a potential virus treatment.

The number of new cases in the U.S. declined Sunday from a day before, reaching its lowest level in more than two months, according to Johns Hopkins University. The country reported 38,045 new cases on Monday, up from 34,567 on Sunday, but still an improvement from last week, when cases topped 40,000 most days.

Meanwhile, the FDA and White House on Sunday said they authorized the use of convalescent plasma, the antibody-rich blood component extracted from recovered Covid-19 patients, for the treatment of acute coronavirus cases. Though the emergency-use authorization falls short of full approval, Wall Street is eager for any news that indicates progress in the fight against the disease. — Thomas Franck

Republican Party formally nominates President Donald Trump

The Republican Party formally renominated President Donald Trump and Vice President Mike Pence for a second term during the Republican National Convention in Charlotte, North Carolina. The event featured speeches from Donald Trump Jr. and former U.N. Ambassador Nikki Haley as well as remarks from politicians including Reps. Matt Gaetz of Florida and Jim Jordan of Ohio.

Former Vice President Joe Biden accepted the Democratic nomination last week. — Kevin BreuningerYun Li

Powell's speech could be 'profoundly consequential'

Investors are awaiting Fed Chair Jerome Powell's speech at the annual Jackson Hole, Wyoming conference, which is scheduled for Thursday. Powell is expected to outline the results of the central bank's strategic review over the last year and to detail possible policy steps going forward. One of those steps could be "average inflation" targeting, meaning that the Fed is willing to let inflation run above the 2% target for a period of time during the recovery, which would serve to reassure markets that low rates will stay in place for the foreseeable future. — Jesse Pound, Jeff Cox

Dow average to undergo biggest shake-up in 7 years

The Dow Jones Industrial Average will undergo its biggest reshuffle since 2013 later this month. S&P Dow Jones Indices said Monday evening that  Salesforce.comAmgen, Honeywell will replace Exxon MobilPfizer and Raytheon Technologies in the blue-chip index, effective before the market opens on Monday, August 31. The shake-up was prompted by Apple's 4-for-1 stock split, which is set to end its dominance in the price-weighted equity gauge. The tech giant's ranking will drop from the top to the 17th in the 124-year-old average following the split. 

Exxon has been a Dow component for nearly 100 years. It was first added as Standard Oil of New Jersey in 1928 when the benchmark expanded from 20 stocks to 30. Pfizer was included in late 2004. For Honeywell, it's a return to the Dow after it was removed in Feb. 2008. The last time three simultaneous changes occurred was 2013, when Goldman Sachs, Nike and Visa replaced Alcoa, Bank of America and Hewlett-Packard. — Yun Li

Dow futures rally 175 points, but S&P 500 and Nasdaq contracts lag

Futures contracts tied to the Dow Jones Industrial Average rose more than 170 points around 7:30 a.m. ET, implying an opening climb of about 160 points when regular trading resumes in two hours. S&P 500 and Nasdaq-100 futures pointed to more modest gains for those two indexes at the start of equity trading.

Traders credited a decline in the number of new Covid-19 cases for the premarket gains and a broader feeling of optimism on Wall Street. Data compiled by Johns Hopkins University showed new cases fell to under 37,000 and have been below 50,000 since mid-August. — Thomas Franck