Wall Street closes on the downside ahead of the Fed

• The Dow Jones Industrial Average DJIA, -0.07% ending around 20 points.
• The Nasdaq Composite dropped around 49 points, or 0.6%, to close near 8,277.
• The S&P 500 dropped around 3 points, or 0.1%, to end near 3,037.

US stocks on Wall Street were ending lower on Tuesday, retracing back from a record close the prior day as traders get set for the Federal Reserve meeting where the third cut since July is expected. 

Subsequently, the S&P 500 dropped around 3 points, or 0.1%, to end near 3,037, while the Dow Jones Industrial Average DJIA, -0.07% ending around 20 points, or 0.1%, lower near 27,071. The Nasdaq Composite dropped around 49 points, or 0.6%, to close near 8,277. 

As for third-quarter earnings, shares of Google parent Alphabet Inc. GOOGL, dropped over 2% after an earning's miss as the standout action on the earnings fromt for the day. Meanwhile, US data was somewhat ignored as markets get set for the key tier-one event in US and Chinese PMIs, US Nonfarm Payrolls and indeed the Fed. 

US data and geopolitics

US Pending Home Sales Index lifted 1.5% in September, beating market expectations of a 0.9% rise. "Conference Board consumer confidence fell to 125.9 in October, from a revised September figure of 126.3. Meanwhile, the S&P CoreLogic Case-Shiller 20 City Index dipped 0.16% in August," analysts at ANZ explained. 

as for geopolitics, the US-China trade deal continues to progress with expectations that the Phase One deal will be signed on 17 November when the superpowers meet in Chile at the APEC summit. As for Brexit, the EU has formally adopted the flexible three-month extension until 31 January and the UK Lawmakers voted for a UK General election on 12th Dec.

DJIA levels