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Investing.com — U.S. stocks are rising despite growing skepticism that an end to interest rate increases is coming while the quarterly earnings season continues. 

At 11:10 ET (15:10 GMT), the was up 67 points or 0.2%, while the was up 0.4% and the  was up 1%.

Optimism over peak rates fades  

The main indices on Wall Street enjoyed their best week of the year last week, and posted small gains on Monday, on hopes that an era of unprecedented monetary tightening by the may be coming to an end.

However, this confidence has started to wane after Federal Reserve Bank of Minneapolis President said on Monday that the U.S. central bank likely has more work ahead of it to control inflation.

“We haven’t completely solved the inflation problem. We still have more work ahead of us to get it done,” he said in an interview.

Adding to the negative sentiment, the hiked interest rates earlier Tuesday, citing a slower-than-expected decline in inflation.

A trio of Fed officials are due to speak later this session, ahead of two appearances by Chair in the coming days, with investors watching for clues on the central bank’s next moves. Futures markets expect the Fed to hold rates steady again at its December meeting.

Earnings season continues 

The quarterly earnings season continues this week, although it’s coming to an end with over 80% of the companies having already reported.

Uber Technologies (NYSE:) missed expectations but trends in gross bookings are running higher than forecasts. Shares of the ride-hailing platform rose 1.1%.

Additionally, work space provider WeWork (NYSE:) has filed for bankruptcy in a New Jersey court, as it grapples with a post-pandemic downturn in office occupancy and expensive leases. Shares were halted.

Crude sinks on weak Chinese trade data

Oil prices fell sharply Tuesday, dropping to over two-month lows, after the disappointing trade data from China raised concerns over sluggish demand in the world’s largest oil importer. 

Chinese fell more than expected in October amid worsening overseas demand, while an unexpected rise in saw China’s shrink to its worst level in 17 months.

This prolonged weakness in exports could stymie growth in the country going forward and thus dent oil demand.

Both contracts have slumped over the past week, amid growing expectation that the Israel-Hamas war will not disrupt supply in this oil-rich region.

(Peter Nurse and Oliver Gray contributed to this item.)