Stocks turn mixed on Wall Street ahead of Fed, jobs news
![A Wall Street sign is shown in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York. Stocks are off to a mixed start on Wall Street Tuesday, Nov. 2, 2021, ahead of more news this week on the Federal Reserve and the jobs market. (AP Photo/John Minchillo)](https://kstp.com/wp-content/uploads/2021/11/kstp_1280WallStreet.jpg)
A Wall Street sign is shown in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York. Stocks are off to a mixed start on Wall Street Tuesday, Nov. 2, 2021, ahead of more news this week on the Federal Reserve and the jobs market. (AP Photo/John Minchillo)
Stocks were mixed in morning trading on Wall Street Tuesday ahead of more news this week on the Federal Reserve and the jobs market.
Investors are also reviewing a heavy load of corporate earnings for more clues as to how companies are faring as the economy moves past the virus pandemic.
The S&P 500 index rose 0.2% as of 10:11 a.m. Eastern. The benchmark index is roughly split between gainers and losers and is hovering around its all-time high. The Dow Jones Industrial Average rose 29 points, or 0.1%, to 35,943 and the Nasdaq rose 0.1%.
Small-company stocks edged higher after surging a day earlier. The Russell 2000 rose 0.1%.
Technology stocks made solid gains. Cloud networking company Arista Networks surged 23.4% after giving investors an encouraging financial forecast following a strong third-quarter report.
Health care stocks also rose. Prescription drug distributor McKesson gained 5% after raising its profit forecast. Pfizer was up 2.2% after delivering a strong profit report.
Losses from a mix of banks and companies that rely on direct consumer spending offset gains elsewhere in the market.
Bond yields edged lower. The yield on the 10-year Treasury fell to 1.56% from 1.57% late Monday.
Crude oil prices slipped 0.6% and weighed down energy stocks.
Wall Street has been focusing on a steady flow of corporate earnings over the last few weeks. The results helped drive gains for the major indexes after a choppy summer as COVID-19 cases surged. That wave has since subsided, but rising inflation as the economy recovers remains a key concern.
Investors are waiting for the latest comments from the Federal Reserve as it moves ahead with plans to ease the extraordinary support measures put in place at the beginning of the pandemic to shore up the markets and economy.
Chair Jerome Powell has signaled the Fed will announce after its policy meeting Wednesday that it will start paring its $120 billion in monthly bond purchases as soon as this month. Those purchases are intended to keep long-term loan rates low to encourage borrowing and spending.
The central bank’s plan to trim its bond purchases comes as businesses and consumers contend with higher prices on raw materials and finished goods. Supply chain problems are cutting into corporate finances and prompting companies to raise prices.
Investors will also get more economic updates this week. The Institute for Supply Management will release its service sector index for October on Wednesday and the Labor Department will releases its jobs report for October on Friday.