US stocks trade mixed amid wave of earnings reports and start of Fed meeting

• US stocks traded mixed on Tuesday as investors continue to digest a wave of third-quarter earnings.
• More than half of the S&P 500 has reported results with 78% of those companies beating profit estimates.
• The Federal Reserve's policy meeting starts today with an interest rate decision set for Wednesday.

US stocks traded mixed on Tuesday as investors continue to digest a wave of third-quarter earnings results.

More than half of the S&P 500 has reported, and about 78% of those companies beat profit estimates by a median of 6%, while 62% beat revenue estimates by a median of 2%, according to data from Fundstrat.

Caterpillar reported better-than-expected revenue and profit, but warned that it expects to see weak demand from China. The stock fell about 6% in early Tuesday trades.

Investors also have their eyes on the Federal Reserve, which kicks off its two-day policy meeting today. The market currently expects the Fed to pause its interest rate hikes tomorrow, and Fed Chairman Jerome Powell will hold a press conference on Wednesday afternoon.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 4,167.68, up 0.02%

• Dow Jones Industrial Average: 32,847.90, down 0.25% (81.06 points)

• Nasdaq Composite: 32,847.90, down 0.12%

Here's what else is going on today:

• Stanley Druckenmiller said Treasury Secretary Janet Yellen made the worst mistake in the US Treasury's history by not issuing long-term debt when interest rates were so low.
• Gold is set to register its best month since November 2022 after its 8% jump this month. The commodity topped $2,000 per ounce amid the Israel-Hamas war.
• Apple announced three new Mac computers that utilize a new and faster M3 chip. The company is set to report earnings results on Thursday after the market close.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 0.50% to $82.72 a barrel. Brent crude, the international benchmark, climbed 0.52% to $86.80 a barrel.
• Gold edged up 0.06% to $2,006.90 per ounce.
• The 10-year Treasury yield fell 2 basis points to 4.87%.
• Bitcoin fell 0.44% to $34,341.