The stock market looked poised to break a long upward streak on Wednesday morning, as major market index futures were slightly lower on the day. With 12 straight days of gains, the Dow Jones Industrial Average (^DJI -0.28%) is now within 1,400 points of its all-time record high from January 2022, and eclipsing that mark could usher in even more optimism about the prospects for investors in the years to come.

Earnings season continued to reach its peak this morning, and another pair of Dow stocks released their latest results. Both Boeing (BA -1.75%) and Coca-Cola (KO -0.62%) saw their share prices rise in premarket trading as shareholders celebrated their financial reports. Here's everything you need to know about the two companies and whether the news could lead to longer-term gains.

Boeing takes flight on production gains

Shares of Boeing were up more than 3% in premarket trading early Wednesday. The aerospace and defense giant reported second-quarter financial results that showed sharp gains in key metrics, and it anticipates stepping up its production efforts in order to meet huge levels of backlogged orders.

The headline numbers for Boeing were mixed. Revenue jumped 18% year over year to $19.75 billion, and free cash flow came in at $2.6 billion, reversing some of the outflows that the aircraft maker has dealt with in recent years. However, Boeing continued to lose money, with adjusted losses coming in at $0.82 per share.

The commercial aircraft segment was a key source of strength for Boeing, with sales climbing 41% from year-ago levels. Boeing delivered 136 aircraft during the period, up from 121 in the same period a year ago and with a more favorable mix of higher-end 787 Dreamliner aircraft. The company booked 460 net orders, including a 220-unit block from Air India, and also received a commitment from Ryanair for up to 300 of its 737 MAX aircraft. By contrast, revenue from defense, space, and security was down slightly year over year.

With more than 4,800 orders in its commercial backlog valued at $363 billion, Boeing is stepping up production, with the intent to boost 737 volume to 38 per month and 787 volume from four to five per month. The anticipated long-term goal is to have 50 737s and 10 787s coming off production lines each month by 2025 or 2026, and that would go a long way toward restoring Boeing's leadership in the aerospace industry.

Coca-Cola raises its guidance

Meanwhile, shares of Coca-Cola gained a fraction of a percent before the market opened on Wednesday. The beverage specialist's second-quarter financials were solid, and the company boosted its outlook for the remainder of the year.

Coca-Cola's revenue rose 6% year over year to $11.97 billion. That resulted in net income of $2.55 billion, up 34% from year-ago levels. Some one-time items boosted that number, but even after accounting for those, adjusted earnings of $0.78 per share climbed 11% from the same period last year.

Pricing power was a key aspect of Coca-Cola's success, as unit case volumes worldwide were flat. Bottom-line performance was strongest in the Americas, with Latin America leading the way higher despite some currency-related negative impacts. The beverage company also pointed to its innovation as a driving force, given changing customer preferences that have required Coca-Cola to pivot away from its namesake sugary soft drinks to embrace other categories.

Best of all, Coca-Cola now expects to see full-year 2023 organic revenue growth of 8% to 9%, with adjusted earnings seeing gains of 5% to 6% even after weighing adverse currency impacts. Coca-Cola continues to be a cash cow, and investors particularly appreciate that in the current macroeconomic environment.