Wall Street’s main indexes closed lower on Monday, with most S&P 500 industry sectors in the red, while Treasury yields gained as investors waited nervously for the Federal Reserve monetary policy update due in two days.

Hopes for a December rate cut were solidified after last week’s data showed consumer spending increased moderately toward the end of the third quarter. However, investors are still waiting for clues about future policy moves from what is expected to be the most divided Fed in years.

“It’ll be hard for the market to find a direction that it wants to follow until after the Fed meeting,” said Carol Schleif, chief market strategist at BMO Private Wealth. “We just came off a really strong earnings season and we won’t have earnings again for another four weeks. The only thing

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