Stocks gained ground on Tuesday as investors eagerly awaited a flood of earnings reports from tech giants and other major companies. The Dow Jones Industrial Average (DJI) rose over 0.6%, the S&P 500 (GSPC) climbed above 0.7%, and the Nasdaq Composite (IXIC) jumped nearly 1%.

Investor attention was firmly focused on the upcoming earnings reports. General Motors (GM) announced it has pulled its 2023 profit guidance due to increased costs related to the UAW strikes. In a surprise move, Spotify (SPOT) reported a profit for the quarter, exceeding expectations for a loss.

In the cryptocurrency market, Bitcoin (BTC-USD) continued its rally, reaching above $35,000, which is the highest level since the 2022 crypto crash. This surge was driven by speculation surrounding the approval of an ETF linked to Bitcoin by the SEC.

After the closing bell, Verizon (VZ) topped the Yahoo Finance trending tickers page, with its stock surging more than 8%. The telecommunications company raised its 2023 guidance for free cash flow to $18 billion and beat Wall Street's expectations for quarterly revenue and earnings per share. Shares of GE (GE) also rose over 7% as the company reported better-than-expected profits and raised its expectations for full-year earnings per share in 2023. Coca-Cola (KO) saw its shares increase by more than 3% after reporting better-than-expected revenue and earnings per share for the most recent quarter.

Investors are eagerly awaiting big tech earnings reports from Microsoft (MSFT), Alphabet (GOOG, GOOGL), and Snap (SNAP), with a special focus on advancements in the artificial intelligence narrative.

The inverted yield curve indicator, which has historically preceded every recession since World War II, has caused increasing concern. The founder of the inverted yield curve indicator, Campbell Harvey, expressed pessimism, citing the possibility of "significant" stress resulting from further interest rate hikes by the Federal Reserve throughout 2023.

General Electric (GE) reported positive earnings, with its stock rising more than 6%. The company raised its 2023 adjusted earnings expectations, highlighting its fast-growing aerospace business. GE's adjusted earnings per share came in at $0.82, surpassing Wall Street's forecast of $0.56 per share.

The S&P 500 attempted to break its worst losing streak since February 2022, as it had fallen for five consecutive days. However, stocks seemed to push back against this trend, showing gains during Tuesday's trading sessions.

GM stock remained relatively unchanged after the company's third-quarter report, which revealed strong revenue and profit beats. However, GM withdrew its 2023 profit guidance due to uncertainties resulting from the ongoing UAW strikes.

Spotify made a surprising profit for the first time in over a year, reporting a net income of €65 million ($69.1 million). This significant beat boosted the company's shares by as much as 11% in early trading.

New data released on Tuesday showed an increase in manufacturing demand for the first time in six months. The S&P Global Composite PMI registered at 51 for October, indicating expansion in the manufacturing sector.

Overall, the stock market demonstrated an upward trend as investors awaited a flurry of earnings reports from tech giants and major companies.