The major averages pulled back today following more earnings and ahead of the Federal Reserve’s decision on interest rates tomorrow and a slew of economic data. The Dow Jones Industrial Average fell 204 points, or 0.46%. The S&P 500 fell18 points or 0.3%. The Nasdaq Composite fell 80 points or 0.38%.

Over the weekend, the US made progress with trading partners like the EU and Japan. U.S. negotiators concluded talks with China without a concrete deal on Tuesday, however, and a potential extension of the Aug. 12 pause with Beijing that avoid higher tariff levels remains uncertain.

On the earnings front, Dow components, Boeing and UnitedHealth Group are 4% and 5%.

Procter & Gamble is lower by a percent even as earnings were better than expected.

On the merger front, Union Pacific and Norfolk Southern are lower by 2% as they announce they would like to combine in a $85 billion dollar mega merger deal.  

The tech sector is quietly lower. AMD is a bright spot up 2% on an upgrade.  

Treasuries pull back as the Federal Reserve interest rate decision looms over the markets. The 10-year Treasury yield tumbled 9 basis points to 4.32%. The 2-year yield pulled back 4.7 basis points to 3.87% while the 30-year bond yield fell 11 basis points to 4.85%.

The central bank is largely expected to keep its benchmark unchanged at a range of 4.25% to 4.5%.

In the commodity space, oil was up nearly 4% on tensions with Russia. Gold was modestly higher while bitcoin was lower.

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