Stock Market Coverage - Tuesday November 1 Yahoo Finance - Video

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Stocks edged higher Tuesday morning, with another batch of earnings on tap and investors awaiting the Federal Reserve policy meeting and jobs data later this week.

The S&P 500 (^GSPC) rose by about 1%, while the Dow Jones Industrial Average (^DJI) ticked higher by 0.6%. The technology-heavy Nasdaq Composite (^IXIC) rose by as much as 1.3% in early trading.

U.S. stocks lagged on Monday as investors prepared for the Federal Reserve’s interest rate decision this week. But with October in the books, the Dow locked in its best monthly return since January 1976, when the index gained 14.2%, data from Bespoke Investment Group showed.

The Fed’s aggressive pace of interest rate increases has pressured markets for much of the year, leaving investors hoping for any sign that the central bank will come off its hawkish stance.

The Fed is widely expected to raise interest rates by 75 basis points on Wednesday at the conclusion of its two-day policy meeting, but some strategists see the bank slowing the rate of increases moving forward.

JPMorgan economist Michael Feroli he sees "a step down from 75bps to 50bps and then to 25bps before this tightening cycle ends. Any indication from the Fed that [the] terminal rate is lower or that the tightening cycle ends in 2022 is likely to [be] digested bullishly by stocks. The biggest risk to this view is CPI coming in hotter than expected next week or in December."

Whatever the size of December’s move, “the Fed is in a tough position because they're very data dependent. And it's just unclear how quickly inflation is going to come down,” Public Markets Group Head Lisa Erickson told Yahoo Finance Live on Monday.

Investors will also pore over economic releases on Tuesday, including job openings data and construction spending for September, and ISM manufacturing report for October.

Also on the earnings front Tuesday:

Uber (UBER): The ride-hailing giant posted a third-quarter loss but beat analysts’ estimates for revenue and showed a surge in bookings. Shares were up more than 14% in early trading.

Pfizer (PFE): The drugmaker posted a better-than-expected quarter and raised its revenue outlook for the year despite higher prices offset slowing COVID-19 vaccine demand outside the US.

Advanced Micro Devices (AMD) and Airbnb (ABNB) are also set to report Tuesday.

And the week will finish with the October jobs report. The Labor Department’s report is expected to show monthly payrolls fall below 200,000, while economists surveyed by Bloomberg estimated 190,000 jobs were added or created last month.

Elsewhere, in energy markets, Brent crude, the international benchmark for oil prices, fell to $94.36 a barrel Tuesday morning. Yields on the 10-year Treasury note fell as much as 12 basis points to below 4%.

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