Latest market milestone would mark the benchmark index's second-fastest 100-point move.
As a slew of second-quarter earnings are posted ahead of the opening bell, S&P 500 futures were up 3 points. The broad market index closed Monday at an all-time high and less than 5 points away from 1,700.
Dow Jones industrial average futures were up 40 points and the tech-laden Nasdaq composite futures were nearly 5 points higher.
If the S&P 500 -- up nearly 19% so far this year -- tops 1,700 Tuesday, it would mark the index's second-fastest assault ever on a 100-point move, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
It has been 80 calendar days since the S&P topped 1,600 compared to the fastest-ever move in early 1998, when the index went from 1,000 to 1,100 in 50 days. The S&P 500 has risen 150.6% since the bull market began in March 2009, marking the fifth-best bull run in history.
Earnings are painting a mixed picture of the economic outlook. Some companies that are easily topping Wall Street estimates are at the same time warning that the second half might not be as strong as earlier expected.
Still, the market's ability to keep rising amid headwinds such as weak global growth, a recent spike in long-term interest rates and an eventual Federal Reserve move to tighter monetary policy is a sign of strength, says Eric Wiegand, a senior portfolio manager at U.S. Bank wealth management.
"It is a sign of health and vitality," says Wiegand, adding that he doesn't focus too much on market milestones.
Wiegand's bullish year-end target of 1,760 is roughly 3.5% higher than the S&P 500's current level.
The market move, he says, is being helped by a not-too-fast, not-too-slow economy that will allow the Fed to remain accommodative. Still, low interest rates and tame inflation are also a plus, as is the fact that individual investors are finally putting cash into the stock market, he adds.
A shift in leadership from defensive sectors, such as utilities and consumer staples, to more offensive sectors, such as industrials, consumer discretionary and financials, is also providing a boost to the S&P 500.
The parade of second-quarter earnings continues today with key reports from device maker Apple after the closing bell and package delivery company UPS.
On Monday, the Dow inched up 0.01% to 15,545.55. The Nasdaq composite climbed 0.4% to 3,600.39. The S&P 500 rose 0.2% to 1,695.53.
MONDAY: Stocks end slightly higher
Japan's Nikkei stock index edged up 0.8% to 14,778.51. In mainland China, the Shanghai Composite index rose 2% to 2,043.88.
In Europe, the benchmark Stoxx Europe 600 index was trending higher -- up 0.3%.
Benchmark crude for September delivery was up 10 cents to about $107 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $1.14 to finish at $106.91 on Monday.
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