Stock market news today: Nasdaq heads for big January gain

Stocks edged higher Tuesday as investors wrap up gains in January with a fresh batch of earnings reports ahead of the Federal Reserve's next decision to raise interest rates.

Wall Street's major equity indexes were set to log advances at the start of 2023 after last year's run into a bear market. The Nasdaq Composite was leading the charge with a potential gain of nearly 9% for the month. Stocks bulked up before the Federal Reserve issues on Wednesday what's likely to be its eighth consecutive rate hike, but one that downshifts to a pace of 25 basis points.

Among Tuesday's individual movers, General Motors rose on upbeat guidance from the car maker while Pfizer fell after the drug maker cut its 2023 sales outlook. Meanwhile, tech giants Apple, Amazon and Alphabet report later this week.

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