Stocks Fall as Fed Looms

U.S. Treasury bonds were little changed. The 10-year note was down 3/32 in price, yielding 4.47%. The 30-year bond rose 3/32, yielding 4.72%.

Crude oil set another intraday record. The October front-month crude oil contract jumped $1.47 to close at $80.57 a barrel. Gold and silver futures were also advancing.

As for analyst moves, Bear Stearns upgraded Ford (F Quote) to outperform from peer perform, citing the automaker's strong cash flow. JPMorgan lifted Advanced Micro Devices (AMD Quote) to neutral from underweight on the expected strong performance of the company's new Barcelona server chip.

Ford advanced 3.1% to $8.28, and AMD tacked on 1.2% to $12.84.

After the closing bell, Adobe Systems (ADBE Quote) is posted an adjusted third-quarter profit of 45 cents a share, topping analysts' 40-cent forecast, according to Thomson First Call.

Tuesday marks the start of a string of key earnings reports from investment banks this week, with Lehman Brothers (LEH Quote) kicking things off. Best Buy (BBY Quote) and AutoZone (AZN Quote) are also due to report.