It cannot lift an object
The spell does not say that it can lift an object and there is the principle that spells only do what they say they do. There is also a D&D Beyond answer supporting this RAW interpretation. There is a principle that everyday things behave as you would expect them to, but I think a magical, oversized hand made of force is not an everyday thing.
The wording of the spell contradicts it
Arcane Hand explicitly lists the effects:
Clenched Fist. The hand strikes one creature or object within 5 feet of it.
(Emphasis mine) Clenched Fist explicitly states that the hand can hit an object. Following the logic in Thomas Markov's answer there would be no need for stating so. The caster's hand could hit an object, so could the Arcane Hand. But for this option, the object is listed, so the text does not make the implicit assumption you could hit an object. Maybe it is just reminder text? If, so then the same reminder text should appear in the other options that can affect objects. For the spell's text to be consistent, if an object is not listed for one of the other options, that other option is not intended to work on an object.
Forceful Hand. The hand attempts to push a creature within 5 feet of it
One certainly also can push an object (PHB p. 176), yet no object is mentioned. This means in contrast to the Clenched Fist effect, objects cannot be pushed.
Grasping Hand. The hand attempts to grapple a Huge or smaller creature within 5 feet of it.
One could argue that one cannot grapple an object, and therefore the object cannot be mentioned here.
However, if the only reason to omit the term object was a rules technicality, one could easily add an effect like: "Lifting Hand. The hand picks up up an object weighing no more than 780 lbs." if one wanted the hand to lift objects.
It diffentiates the Hand from Telekinesis
This is a balance, not a rules text argument.
Telekinesis is able to lift both creatures (if they fail a saving throw) and objects. It is very explict about this, with a separate section on each. It can lift objects of up to 1,000 lbs and move them up to 30 feet per round.
If the Hand also could lift objects, it could lift 780 lbs (Strength 26). Allowing it to lift objects would make the Hand double up as an alternative Telekinesis, just with a slightly lower weight limit. In addition, with the Hand you get all the other effects of interposing, hitting and crushing. It seems in that case, the Hand would just be better.
However, if Arcane Hand cannot pick up objects, then you have two spells with different focus: Telekinesis is an utility spell for moving anything (creatures or objects), Arcane Hand is a combat spell mostly for damaging. It can hit objects and that's about it. This makes a choice between them more interesting.
So, although I like the narrative imagery of the hand being able to lift objects, my wizard character would happily use the more generous interpretation of the spell, I do not think it can, nor should it.