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The Nasdaq retreated further from records following disappointing earnings from Amazon.com Inc. and Starbucks Corp. . The S&P 500 joined the tech-heavy index to trade in the red. Consumer sentiment retreated in July, though not as fast as analysts anticipated. Sentiment has remained robust since the November election, though measure remains sharply divided between Republicans and Democrats. Tobacco companies such as Philip Morris International Inc. PM and British American Tobacco PLC took a dive after the FDA announced plans to pursue lowering nicotine content in cigarettes. The FDA's strategy aims to limit the substance amount to combat U.S. addiction rates. Chevron Corp. moved higher after swinging to a quarterly profit of $1.5 billion over its recent quarter. Revenue of $33 billion was in-line with estimates.

The tech sector took a surprise turn lower this afternoon, dragging the Nasdaq and S&P 500 from records. The Dow Jones Industrial Average held higher, though, notching a new all-time closing high. Facebook Inc. managed to hold onto gains on investor optimism over growth in advertising revenue. The social network also reported just over two billion monthly active users in the second quarter, a level it had never reached before. PayPal Holdings Inc. also shook off the tech selloff after a solid three-month performance and a positive outlook for the full year. Transactions rose 23% over its recent quarter. Nordstrom Inc. was higher on reports the family is in talks with private-equity firms to take the company private. The department store is reportedly giving preferential terms to those which fund the purchase.

It's the busiest day of the second-quarter earnings season with a bunch of companies having reported before the bell and just as many set for this afternoon. Positive earnings from Facebook Inc. boosted markets, sending the Nasdaq to intraday highs. Comcast Corp. moved higher after it turned out a strong quarterly performance tied to solid box office, TV and theme park results. Overall revenue jumped nearly 10% with the largest gains seen in filmed entertainment. Twitter Inc. sold off on worrying signs of slowing user growth. The social network reported 328 million monthly active users over the second quarter, a flat reading from the first three months of the year. Anheuser-Busch InBev led the consumer sector higher on better-than-expected earnings. Strong performances in Mexico, Australia and South Africa offset weakness in Brazil.

The Dow Jones Industrial Average held onto triple-digit gains through the morning session, while the S&P 500 reached a new intraday record. The Nasdaq had a tougher time as Alphabet Inc. fell on traffic acquisition costs. McDonald's Corp. was one of the best performers on the Dow following a better-than-expected quarterly performance. Global same-store sales increased 6.6%. U.S. same-store sales climbed nearly 4% and came in 100 basis points above estimates. Caterpillar Inc. , another Dow component, rallied on an upbeat outlook. The heavy machinery company said it was seeing improved demand for construction across most regions. The U.S. consumer remains confident even as spending remains tepid. The Conference Board's consumer confidence index hit its second-highest level since 2000 in July.

Stocks were in flux with investors hesitant to pull benchmark indexes to new records. All three indexes had closed Wednesday at all-time highs. Materials were the biggest losers, while consumer names led gains. Sherwin-Williams was the biggest drag on materials after a disappointing quarterly performance. The paint and coating company also guided for below-consensus third-quarter earnings. Sears Holdings rocketed higher after sealing a deal to sell Kenmore appliances through Amazon.com . This marks the largest distribution network for Kenmore products outside of Sears stores. The deal sent Home Depot and Lowe's lower. T-Mobile reported a jump in quarterly earnings. The telecom also added 1.3 million customers over the three-month period, its 17th consecutive quarter with growth of more than one million.

The Nasdaq and S&P 500 ended at records for the second day in a row. Broadcast stocks rose after deal talks between Discovery Communications and Scripps Networks , while tech names continued their recovery. Morgan Stanley was one of the only banks to rise following its second-quarter report. Investment banking revenue was 27% higher. Like other banks, bond trading revenue did get hit. CSX Corp. declined after projecting full-year earnings growth below Wall Street estimates. The railroad company did top profit and sales estimates over its second quarter, though, while adding another $500 million to its share buyback program. Vertex Pharmaceuticals rocketed higher after a series of analyst upgrades. Raymond James, Cowen and Barclays bumped up their ratings following positive mid-stage results for Vertex's cystic-fibrosis combination treatments.

The S&P 500 and Nasdaq traded above record closes set a day earlier. Media stocks led the indexes on reports of deal talks between Discovery Communications and Scripps Networks . Dow component IBM limited gains on the blue-chip index. Shares declined after the company posted its 21st straight quarter of year-on-year sales declines. Revenue fell short of analysts' estimates. Crude oil moved higher after a sharper decline in U.S. inventories than anticipated. Domestic crude stockpiles fell by 4.7 million barrels in the past week. Gasoline and distillates stockpiles also declined. Snap traded around $15 a share after settling below that level for the first time ever on Tuesday. Shares of the disappearing app company are down nearly 39% since making their public debut in early March.

Senate leader Mitch McConnell says he will kill the healthcare bill after two more Senators said they would vote against it. McConnell says the Senate will vote to repeal Obamacare instead of just replacing it but it's uncertain if that will pass or even what would replace it. Netflix stock soars to an all time high. The company smashed expectations for subscriber growth. Netflix added a whopping 5.2 million international and domestic subscribers, versus the company forecast of 3.2 million. Netflix attributes that growth to its line up of original shows. UnitedHealth reported stronger earnings, revenue and customer growth. It says its insuring 2.5 million more people in company and government health plans a year ago. Earnings at UnitedHealth were up 21%.

Stocks were mixed in a quieter session ahead of a rush of earnings in the coming days. Earnings coming down the pipeline this week include Netflix , Bank of America , IBM , Microsoft , Snap and Goldman Sachs . Apple rose after Morgan Stanley upped its price target on long-term optimism after the company reports in August. The firm believes the company will provide weaker fourth-quarter guidance than anticipated on delays in the launch of its new iPhone model. That should set up for a "much better-than-normal December and March quarter." FedEx announced that it was still assessing the damage of a recent cyberattack, though did say the impact "will be material." FedEx disclosed that the global operations of TNT Express had been infected by a virus back in June. Blue Apron slumped after Amazon filed a trademark for a similar service. Blue Apron, a meal-kit delivery company, has tumbled below its IPO price of $10 since its public float in late June.

Amazon may be working on its own messaging app, which would include voice and video calls, photo sharing and users would be able to apply filters to pictures and videos. AFTV News says the app would be called 'Anytime'. Amazon didn't comment on the report. The healthcare vote in the U.S. Senate will be delayed as Senator John McCain recovers from surgery. The Arizona Senator had a blood clot removed above his right now. The postponement shows just how tight the vote may be. It's unclear how long McCain might be gone and when the vote will actually take place. Nelson Peltz's Trian is planning to launch a proxy fight for a board seat at Procter and Gamble . The Wall Street Journal says it wants to restart profit growth at the consumer products giant.