Wall Street lower as earnings roll in; Fed meet eyed

The Federal Open Market Committee (FOMC), which has had to defer raising interest rates, will begin its two-day meeting on Tuesday to decide whether the U.S. economy could absorb a rate increase in the near term. The FOMC is scheduled to announce its decision on Wednesday at 2:00 p.m. ET (1800 GMT). Low expectations of rate hikes, robust economic data and higher-than-expected second-quarter earnings have fueled a record-setting rally on Wall Street in the past two weeks.