Dow35457.31+198.70(0.56%)Nasdaq15129.08+107.28(0.71%)SP 5004519.63+33.17(0.74%)10-yr Note -1/321.607NYSEAdv 1834 Dec 1372 Vol 695.0 mlnNasdaqAdv 2706 Dec 1711 Vol 4.4 bln Industry Watch Strong: Health Care, Energy, Utilities, FinancialsWeak: Consumer Staples, Consumer Discretionary Moving the Market -- EPS beats from a diversified group of companies -- Market overlooks Procter & Gamble's (PG) warning about higher commodity and freight costs-- Mega-cap support -- Oil prices and long-term interest rates moved higher S&P extends winning streakDow +198.70 at 35457.31, Nasdaq +107.28 at 15129.08, S&P +33.17 at 4519.63 [BRIEFING.COM] The S&P 500 (+0.7%) and Nasdaq Composite (+0.7%) both advanced 0.7% on Tuesday and extended their winning streaks to five sessions. Risk sentiment was supported by better-than-expected earnings reports from a diversified group of companies while the market continued to weather supply chain challenges. The Dow Jones Industrial Average increased 0.6%, and the Russell 2000 increased 0.4%. The earnings lineup included EPS beats from Johnson & Johnson ($JNJ 163.87, +3.75, +2.3%), Procter & Gamble ($PG 140.66, -1.68, -1.2%), Travelers ($TRV 155.39, +2.51, +1.6%), Dover ($DOV 167.91, +1.12, +0.7%), and Steel Dynamics ($STLD 63.50, +1.08, +1.7%). P&G, however, warned about higher commodity and freight costs this fiscal year. P&G's warning pressured shares of the company and fed into the inflation concerns that have been driving oil prices ($83.01/BBL, +0.57, +0.7%) and long-term interest rates higher. The 10-yr yield rose five basis points to 1.64%, while the 2-yr yield fell three basis points to 0.39%. Buyers in the stock market, however, looked past inflation/supply chain headwinds and took the earnings news at face value. Ten of the 11 S&P 500 sectors closed higher, led by utilities (+1.3%), health care (+1.3%), and energy (+1.2%) with gains over 1.0%. The consumer discretionary sector (-0.3%) was the lone holdout amid weakness in the retail stocks, including Ulta Beauty ($ULTA 363.35, -43.00, -10.6%), which provided disappointing long-term financial targets. Aside from JNJ, other heavyweights like Apple ($AAPL 148.76, +2.21, +1.5%), Facebook ($FB 339.99, +4.64, +1.4%), and Walmart ($WMT 144.69, +3.01, +2.1%) also provided key leadership. Walmart was added the Conviction Buy List at Goldman Sachs. Separately, the market overlooked a disappointing housing starts and building permits report for September. The report featured a 7.7% m/m decline in building permits to a seasonally adjusted annual rate of 1.555 million units (Briefing.com consensus 1.620 million). As highlighted earlier, the Treasury yield curve steepened amid selling interest in longer-dated maturities. Bank stocks, though, underperformed on a relative basis despite the potential benefit for net interest margins. The SPDR S&P Bank ETF ($KBE 55.60, +0.14, +0.3%) increased just 0.3%. The U.S. Dollar Index fell 0.2% to 93.77. Reviewing Tuesday's economic data: Housing starts declined 1.6% month-over-month in September to a seasonally adjusted annual rate of 1.555 million units (Briefing.com consensus 1.620 million), but were up 7.4% year-over-year. Building permits were down 7.7% month-over-month to a seasonally adjusted annual rate of 1.589 million (Briefing.com consensus 1.670 million) and were flat year-over-year.The key takeaway from the report is that it reflects a slowdown in the pace of new construction, which is a byproduct of supply shortages, labor constraints, and high prices. Looking ahead, investors will receive the Fed's Beige Book for October and the weekly MBA Mortgage Applications Index on Wednesday. S&P 500 +20.3% YTDNasdaq Composite +17.4% YTDDow Jones Industrial Average +15.9% YTDRussell 2000 +15.2% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .