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The quiet open has the S&P 500 hovering near its record high reached on Monday. The Dow Jones Industrial Average and Nasdaq hover just below their own record peaks.
The Fed kicks off a two-day policy meeting on Tuesday, and at its conclusion is expected to cut rates — by 0.25 percent – for a third time this year. Market participants will be paying close attention to what the central bank says about future policy.
Meanwhile, a busy week for corporate earnings is having a big impact on individual names.
General Motors took a $2.9 billion hit related to the six-week long United Auto Workers strike, but shares gained after earnings and revenue topped Wall Street expectations.
Google-parent Alphabet is little changed after reporting mixed quarterly results. The search giant said higher ad sales were offset by rising costs.
Elsewhere, Beyond Meat posted its first quarterly profit, but shares were weaker as the company said it will spend more and give discounts. Additionally, the lockup period expires on Tuesday, meaning early investors can sell their shares.
Grubhub was under pressure after reporting disappointing third-quarter sales and forecasting fourth-quarter sales well below expectations.
Looking at Treasurys, light buying has the 10-year yield down 2.2 basis points at 1.831 percent.
In Europe, Britain's FTSE was down 0.52 percent to pace the decline.
Shares were mixed in Asia and Chinese benchmarks fell Tuesday after Hong Kong's leader warned that months of political protests are taking a harsh toll on the economy.
Japan's Nikkei 225 closed higher by 0.5 percent, the Hang Seng in Hong Kong closed off 0.4 percent and the Shanghai Composite ended the day down 0.9 percent.
Ken Martin and the Associated Press contributed to this article.