Traders work on the floor of the American Stock Exchange (AMEX) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, July 16, 2026.

Michael Nagle | Bloomberg | Getty Images

The Dow Jones Industrial Average rose on Tuesday as blue-chip companies rolled out their latest earnings results and oil prices slid for another day.

The Dow traded 659 points higher, or 1.3%. Sherwin-Williams rose 8% on the back of better-than-expected results for Q2 to lead the benchmark higher. Beverage giant Coca-Cola popped 5% on a top- and bottom-line beat, plus a hike to its full-year outlook. The S&P 500 was last up 0.3%.

The Nasdaq Composite was little changed, as a rally in software stocks helped lift the tech-heavy index later in the session. The iShares Expanded Tech-Software ETF (IGV) popped almost 2%, as Microsoft jumped nearly 2% and Salesforce gained 5%. Chips continued to lag, however, with the VanEck Semiconductor ETF (SMH) off more than 3%, tumbling for a fourth straight day as Micron lost about 8% and AMD fell 7%.

Falling oil prices lent the market some support, as Iran discussed the Strait of Hormuz with Saudi Arabia and Oman. West Texas Intermediate crude futures fell 5% to just above $78 per barrel. International Brent crude shed more than 6%, last trading around $83.

The market's moves reflected a broader rotation that's been taking place within the market in recent weeks in which so-called old-economy sectors are getting a boost while high-flying technology names are taking a hit.

The Technology Select Sector SPDR Fund (XLK) hit its lowest level since May 7. At the same time, the State Street Health Care Select Sector SPDR ETF (XLV) and Financials ETF (XLF) surged to record highs, led by gains in insurance stocks.

"It's been a really broad-based rotation," Ross Mayfield, an investment strategist at Baird, told CNBC. "This momentum unwind has been a story that's been playing out for six to eight weeks now, and it has a lot more to do with the technicals of the market than any fundamental changes."

However, that rotation into more cyclical and occasionally rate-sensitive sectors such as consumer discretionary will depend on oil prices and interest rates staying around their current levels, he said.

"It's hard to make a full case for you know consumer discretionary or financials or industrials continuing to catch a bid if rates are heading higher across the curve and oil is pushing up towards $100 a barrel." Mayfield said.

A Federal Reserve rate decision is due Wednesday. Investors expect that the central bank will remain on hold, but will seek greater clarity on the path forward for monetary policy. Fed funds futures were last pricing in a quarter point hike in September, according to the CME FedWatch Tool.

Tech earnings remain top of mind for investors this week, as traders await results from Amazon, Apple, Meta Platforms and Microsoft.