Stocks: Holding onto record highs

  @CNNMoneyInvest July 16, 2013: 8:07 AM ET
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NEW YORK (CNNMoney)

U.S. stocks were expected to hold steady at Tuesday's open as investors wait for the latest corporate results and guidance from Federal Reserve Chairman Ben Bernanke due later this week.

U.S. stock futures were little changed.

"Yesterday, we had another day of new record highs and I expect that today the market is headed for a mixed session ahead of Mr. Bernanke's statement tomorrow," said Peter Cardillo, chief market economist at Rockwell Global Capital.

On Wednesday, Bernanke will deliver his semi-annual testimony to Congress on monetary policy.

On Monday, the Dow and S&P 500 both rose about 0.2% to record closing highs.

U.S. investors will keep an eye on corporate earnings Tuesday as a number of big firms report quarterly results.

Coca-Cola (KO, Fortune 500) shares slipped 2% in premarket trading after the company reported a drop in profit from a year earlier.

Goldman Sachs (GS ) shares notched up 1.5% after the Wall Street firm said that its quarterly earnings doubled from a year earlier, with a boost from investment banking.

Johnson & Johnson (JNJ, Fortune 500) shares were flat after the healthcare company announced a jump in quarterly sales but a decline in earnings.Yahoo (YHOO, Fortune 500) will report its second-quarter results after the market close.

Related: Fear & Greed Index, still greedy

Cintas (CTAS) was down in after-hours trading after narrowly missing analyst expectations for its fourth quarter earnings.

In economic news, the U.S. Bureau of Labor Statistics will publish the latest Consumer Price Index, the government's key measure of inflation, at 8:30 a.m. ET.

On the international front, European markets were mixed in morning trading.

Asian markets ended mostly higher. The Shanghai Composite index added 0.3%, Tokyo's Nikkei jumped up by 0.6% after returning from a long weekend, and Hong Kong's Hang Seng index was flat.

Chinese search engine Baidu is reportedly planning to buy a Chinese app store for $1.9 billion. To top of page



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