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Market Preview: A Messy Pullback

Also reporting Tuesday morning is another blue chipper, Boeing (BA - Get Report), which is expected to post third-quarter earnings of $1.13 a share on revenue of $20.03 billion.

In addition, the early docket includes American Electric Power (AEP), Avery Dennison (AVY), Brinker International (EAT), Bristol-Myers Squibb (BMY), Corning (GLW), Delta Air Lines (DAL), Dr. Pepper Snapple Group (DPS), Eli Lilly (LLY), EMC Corp. (EMC), General Dynamics (GD), Hudson Bancorp (HCBK), Jones Apparel (JNY), Kimberly-Clark (KMB), Lockheed Martin (LMT), Motorola Solutions (MSI), Nasdaq OMX Group (NDAQ), Northrop Grumman (NOC), Six Flags (SIX), Tupperware (TUP), US Airways (LCC), and Wyndham Worldwide (WYN).

The late roster features Akamai Technologies (AKAM), Cheesecake Factory (CAKE), Citrix Systems (CTXS), Fusion-io (FIO), Skechers U.S.A. (SKX), Tellabs (TLAB), Tractor Supply (TSCO), and Zynga (ZNGA).

The big event on Wednesday's economic calendar is the conclusion of what's expected to be an uneventful policy meeting for the Federal Open Market Committee. This is the last meeting before the presidential election and there won't be a press conference with Federal Reserve Chairman Ben Bernanke after the decision is announced at 2:15 p.m. ET.

After unveiling what's been dubbed never-ending QE at the September meeting, few fireworks are anticipated. There's speculation the FOMC could set the stage to start buying Treasury bonds after its Operation Twist maturity extension program runs out at the end of the year but that's about it.

"There is, at most, a small chance that the Fed could retool its forward looking guidance by adopting numerical thresholds for the unemployment rate and inflation," said Paul Dales, senior U.S. economist at Capital Economics. "With no post-meeting press conference scheduled for Chairman Bernanke to explain any changes, however, we suspect that even if a switch was coming, the Fed would wait until the mid-December meeting."

There's also the Mortgage Bankers Association's weekly mortgage application activity index at 7 a.m. ET; new home sales for September at 10 a.m. ET; the Federal Housing Finance Agency's housing price index for August at 10 a.m. ET; and weekly crude inventories data at 10:30 a.m. ET.

And finally, it was a busy after-hours session with Facebook (FB - Get Report) shares surging after the social networking giant delivered an above-consensus profit; Netflix's (NFLX - Get Report) stock tanking after the company gave a disappointing domestic subscriber forecast for the fourth quarter; and shares of SiriusXM Radio (SIRI - Get Report) taking a mild hit on news that Mel Karmazin plans to leave the CEO post in February 2013.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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