Nasdaq hits record high after strong earnings; Dow jumps 100 points

U.S. stocks opened higher on Tuesday as investors cheered strong quarterly results from top companies in Corporate America.

The Nasdaq composite rose 0.4 percent to hit an all-time intraday high at the open. Large-cap tech stocks like Facebook, Amazon, Netflix and Alphabet all traded higher, along with biotechnology stocks.

The Dow Jones industrial average jumped more than 100 points at the open, with Cisco Systems and Apple leading advancers on the 30-stock index.

The S&P 500 gained 0.4 percent with health care as the best-performing sector. Medtronic shares led the health care sector higher, rising 5.9 percent.

Medtronic, Hormel Foods and Dollar Tree all posted better-than-expected quarterly results Tuesday before the bell, sending their stocks higher in the premarket. Lowe's also reported stronger-than-expected quarterly earnings and revenue, but its stock fell 2 percent before the bell.

After Monday's close, Intuit, Palo Alto Networks and Agilent Technologies reported better-than-expected earnings.

Equities built on gains made during the previous session, which arose as investors bet that tax cut would keep the current economic expansion going.

On Monday, President Donald Trump said before a cabinet meeting that his administration was going to "give the American people a huge tax cut for Christmas."

But concerns however still linger on Wall Street, as to whether a deal will come about and be finalized by the end of the year.

Nicholas Colas, co-founder of DataTrek Research, said in a note that "if it doesn't happen soon, there may be no second chances," as Democrats could take a majority in both the House and Senate next year.

On the data front, the Chicago Fed National Activity Index rose in October. Existing home sales will then come out at 10 a.m. ET.

Looking to the U.S. Federal Reserve, Fed Chair Janet Yellen is expected to participate at a moderated discussion with British economist Mervyn King. The event will take place at New York University's Stern School of Business.

In the oil market, crude prices oscilated along the flatline as investors looked ahead to a key OPEC meeting. Brent crude traded around $62.17 and U.S. WTI hit $56.43 per barrel at 9:12 a.m. ET.

Overseas, trade in Europe ticked higher, while markets in Asia ended the session mostly higher.

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