Are the bulls back? Stocks edge higher

NEW YORK (CNNMoney)

The Dow, S&P 500 and Nasdaq were all modestly higher early Tuesday, putting the S&P 500 and Nasdaq on track for their first gains of 2014.

Investors were somewhat encouraged following a report that showed that the U.S. international trade gap narrowed in November.

The smaller-than-expected trade deficit bodes well for stronger economic growth for the fourth quarter.

Related: Check out CNNMoney's new Tech 30 index of the most important tech stocks

Still, traders are likely to remain cautious before key economic reports due later this week. The minutes from the Federal Reserve's last meeting of 2013 are due out on Wednesday and the December jobs report comes out Friday morning.

The health of the labor market will likely determine the pace of further reductions in bond buying by the Federal Reserve under new chair Janet Yellen.

Related: Here comes the end of QE

Nearly 60% of the 30 investment strategists and money managers surveyed by CNNMoney believe the central bank will continue to gradually cut back on its bond purchases throughout this year so it can completely wind down its quantitative easing program by the end of 2014.

Related: Fear & Greed Index still shows Greed

On the corporate side, Netflix (NFLX) shares slid following a downgrade from Morgan Stanley.

Shares of Palo Alto Networks (PANW) rose after the security company on Monday announced its acquisition of Morta Security, a cybersecurity company.

Shares in Samsung Electronics (SSNLF) edged lower after the South Korean tech giant announced its operating profits will take a hit amid increased competition in the smartphone market.

European markets were all moving higher in afternoon trading. There were no dramatic moves on any of the Asian indexes Tuesday, with markets posting mixed results.

First Published: January 7, 2014: 9:46 AM ET

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