Stock market live Tuesday: S&P 500 record close, up 54% from low, bull market confirmed

• S&P 500 closed up 0.23% for its second straight positive day at a new record close. its 14^th for the year, after hitting a new intraday all-time high of 3,395.06 earlier in the session. Both records are the first since Feb. 19
• S&P 500 is up 4.92% year to date
• S&P 500 is 54.65% above its 52-week low of 2,191.86 from March 23
• Nasdaq Composite closed up 0.73% at a new record close, its 34^th of the year, after hitting a new intraday all-time high of 11,230.61
• Nasdaq Composite is up 24.95% year to date
• Nasdaq Composite is up 69.06% above its 52-week low of 6,631.42 from March 23
• Dow closed down 0.24% for its second straight negative day
• Dow is down 2.66% year to date
• Dow is 6.06% below its intraday all-time high of 29,568.57 from Feb. 12. — Gina Francolla

The S&P 500's record close on Tuesday cemented the current equity rebound as a new bull era and the end of the shortest bear market. While defining a new bull market may be easy enough, Howard Silverblatt of S&P Dow Jones Indices explained that dating them can sometimes be confusing.

That's because the lifespan of a bull market, once declared, includes the recovery period from the S&P 500′s bear-market bottom. The new bull market, for example, was declared at the close of trading on Tuesday given the S&P 500′s new record close. But it's actually as old as the market's springtime bottom, which occurred on March 23, when the S&P 500 sank to a low of 2,237.40.

So the new bull market is actually nearly five months old and has already posted a return of more than 50%. — Thomas Franck

The S&P 500 fully erased all of its losses from the pandemic-induced sell-off on Tuesday as the index closed at a record high for the first time since Feb. 19. The market has rallied 54.7% since its 52-week low on March 23 amid historic stimulus both from the Federal Reserve and Congress.

The rally has been fueled in large part by the performance of major tech stocks, which pushed the Nasdaq Composite to new record highs in June. The S&P 500 is now up just under 5% for the year despite economic damage caused by the coronavirus pandemic. Tuesday represented its 14th record high of the year. — Jesse Pound, Gina Francolla

The S&P 500 held on to its slight gain to set a new closing high, its first since Feb. 19. The tech-heavy Nasdaq had a stronger day, rising 0.7%, while the Dow slid 0.2%. — Jesse Pound

The S&P 500 traded 0.3% higher and was on pace to post a record closing high, completing its recovery from the coronavirus-induced sell-off. The Nasdaq Composite was also headed for a banner day, jumping 0.8%. The Dow struggled with a drop of 17 points, or 0.06%. —Fred Imbert

Fidelity experienced 671 million daily trades in the second quarter, a 134% increase in daily trades since last year, the company said Tuesday. The broker saw 1.16 million new retail accounts last quarter and total net assets ballooned to $8.3 trillion as Fidelity captured new investors wanting to get in on the retail trading boom. The major public brokers reported second quarter figures in recent weeks and experienced similar record trading levels.  — Maggie Fitzgerald 

A survey conducted by Bank of America found that fund managers are at their highest levels of bullishness since February. "Investors say it's no longer a 'bear market rally,' and expect higher growth," Bank of America said in a note to clients. The survey also found that asset allocation is "stubbornly skewed toward US growth stocks," but managers see "'green shoots' for 'inflation assets.'" The survey also found that 31% of managers think gold is overvalued. Bank of America's survey came as the S&P 500 reached a fresh all-time high. —Fred Imbert, Michael Bloom

Shares of controversial stock Eastman Kodak were halted at least four times during afternoon trading on Tuesday as the stock swung in either direction. After hitting a session low of $6.68, the stock rose to a session high of $13.69. — Pippa Stevens 

Big-box retailers were in the red across the board on Tuesday even after some reported blowout quarterly earnings. Home Depot and Walmart traded more than 1% each despite their better-than-expected results. Walmart's e-commerce sales in the U.S. shot up by 97%, while its same-store sales grew by 9.3% in the second quarter. Meanwhile, shares of Kohl's plunged more than 15% after the company offered a grim outlook ahead of the all-important holiday season. Macy's and Nordstrom also fell in sympathy. — Yun Li

The S&P 500 reached an all-time intraday high and was headed for a record close after more than a week of flirting with the milestone. The broader market index gained 0.2% to trade above 3,386.15. Earlier in the session, the S&P 500 broke above its intraday record of 3,393.52. The Nasdaq traded at a record high as well. The Dow, meanwhile, struggled, falling 0.1% as Home Depot and Walmart shares declined. —Fred Imbert

Odeon Capital downgraded Citi on Tuesday morning to sell over concerns the bank could be subject to regulatory action after it accidentally paid $900 million to lenders of Revlon. The bank filed on a lawsuit on Monday saying one of Revlon's lenders didn't return its portion of the accidental transfer. "Therefore, it is possible that the stock could underperform for some time," he added. Shares of the company were down over 3% this week. — Michael Bloom

The S&P 500 fell back from its new intraday record to turn slightly negative for the session and last traded near the flat line. The Dow lost about 90 points, or 0.3%, while the tech-heavy Nasdaq rose 0.3%. — Jesse Pound

Treasury Secretary Steven Mnuchin scuttled nascent hopes that the nation's top leaders were moving closer to a new coronavirus bill after criticizing Democratic leaders as obstinate and unwilling to discuss a smaller relief package. Mnuchin, who joined CNBC's "Squawk on the Street," said Tuesday that House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., "aren't willing to sit down and strike a reasonable deal."

Some investors had hoped that Mnuchin would express optimism over reports that Senate Republicans are planning to introduce a "skinny," $1 trillion coronavirus relief bill. — Thomas Franck

With the S&P 500 on pace for a record close, several major tech stocks were among the best performers in the index on Tuesday morning. Oracle gained 3.5% amid reports that it was discussing a deal for part of TikTok, while Salesforce and Amazon rose 2.8% and 2.4%, respectively. Amazon's move comes after Walmart reported better-than-expected e-commerce results for its most recent quarter. — Jesse Pound

The S&P 500 rose to 3,393.95 in early trading on Tuesday, breaking the previous intraday record high from Feb. 19. The index needs to close above 3,386.15 to set a record close. — Jesse Pound

Shares of Home Depot followed Walmart into negative territory on Tuesday morning, with both stocks under pressure despite strong earnings reports before the bell. The home improvement stock lost 1.5% in early trading. The stock had been trading at record highs in recent weeks, indicating that investors were bullish on the company's performance. — Jesse Pound

Stocks rose slightly at the market open on Tuesday, with the S&P 500 gaining 0.2% and once again hovering near its record close level of 3,386.15 from Feb. 19. The Nasdaq Composite climbed 0.4%, while the Dow rose 20 points. — Jesse Pound

Shares of Walmart gave up early gains and turned negative in premarket trading on Tuesday following a blowout quarterly report. The stock was trading at an all-time high prior to the announcement and gained 2.3% on Monday, indicating that investors were expecting strong results. The stock was down about 1% with 30 minutes to go before the opening bell. — Jesse Pound

Morgan Stanley's Simeon Gutman called Home Depot's quarter the best in 30 years as the home-improvement retailer saw U.S. same-store sales surge by 25%. Gutman added the company's strong run should continue. "We don't think this quarter changes the narrative for the stock," he said in a note to clients. "HD is a secular omni-channel winner in Retail. Multi-year investments in online and supply chain are peaking in 2020 and should begin to pay off going forward. This, combined with secular tailwinds for housing in the near- and medium-term, point to continued elevated growth for this bellwether retailer." —Fred Imbert

• BMO raised its price target on Nvidia to $565 from $425.
• RBC raised its price target on Zoom to $300 from $250.
• Goldman Sachs added JD.com to the conviction buy list.
• Wedbush upgraded Best Buy to outperform from neutral.
• Truist raised its price target on Penn National Gaming to $62 from $50.

Pro Suscribers read more here. —Michael Bloom

U.S. housing starts reached 1.496 million in July, according to data released Tuesday by the Commerce Department, far above the expected 1.24 million. In June, housing starts totaled 1.186 million. The data is seen as a key indicator for the health of U.S. consumers and the economy more broadly. July's number comes amid growing strength in the sector, which saw the SPDR S&P Homebuilders ETF rise to a record high. - Pippa Stevens 

Tesla shares rose 2.5% in the premarket Tuesday, building on their recent momentum. Over the past week alone, Tesla is up 33.6%. Tesla's recently sharp gains come after the electric car maker announced a five-to-one stock split that is set to take effect on Aug. 31. The stock has also more than quadrupled in 2020. —Fred Imbert

Oracle is discussing a deal for TikTok's U.S., Canada, Australia and New Zealand operations, a source told CNBC's Alex Sherman. Oracle and Microsoft are far ahead of other companies that have expressed interest in ByteDance's social media juggernaut, the source said. President Donald Trump has threatened to ban TikTok if ByteDance does not divest the company's U.S. operations. Shares of Oracle rose 2.4% in premarket trading. — Jesse Pound

Boeing said Monday the aircraft maker will offer a layoff package for employees willing to leave the company, with compensation and benefits. This is the second layoff package Boeing has offered to its workforce. "While we have seen signs of recovery from the pandemic, our industry and our customers continue to face significant challenges," the company said in a statement. "We have taken proactive steps to adjust to the market realities and position our company for the recovery. As we continue to assess our workforce and in response to employee feedback, we will be offering a second voluntary layoff (VLO) opportunity for employees to depart the company voluntarily with a pay and benefits package." Boeing has taken a hit during the pandemic due to an evaporation of travel demand. Shares of Boeing are down more than 47% this year. — Maggie Fitzgerald 

Shares of Home Depot rose more than 1% in premarket trading Tuesday morning after the company said its quarterly sales soared 23% as thousands of Americans embarked on home-improvement projects during the coronavirus pandemic. Customer transactions, average ticket size and sales per retail square foot all saw double-digit growth from the same time last year.

Home Depot reported per-share earnings of $4.02 for the second quarter, ahead of the $3.71 expected. Sales of $38.05 billion topped forecasts of $34.53 billion. — Thomas Franck

Walmart shares gained more than 2% during premarket trading after the company said Tuesday that its e-commerce sales jumped 97% in the second quarter as consumers shopped online amid the pandemic. The big-box retailer earned an adjusted $1.56 per share for the quarter, compared with the $1.25 expected by consensus estimates, according to Refinitiv. Revenue came in at $137.74 billion, also ahead of the $135.48 billion expected by the Street. - Pippa Stevens, Melissa Repko

U.S. stock futures rose Tuesday on the back of strong earnings from Walmart and Home Depot. S&P 500 futures were up by 0.2% and Nasdaq 100 futures climbed 0.3%. Dow Jones Industrial Average futures traded 63 points higher, or 0.2%. The gains would put the S&P 500 on track for a record close above 3,386.15. The S&P 500 has flirted with a record close for the past week, but has fallen short of the milestone on every occasion. —Fred Imbert