Investors are waiting on the Fed for direction in today's trading. Earnings news is moving some stocks. Alcoa (AA) is trading higher after beating estimates. The company's second quarter profit is being credited to the strength of its aluminum-smelting business. But a big miss is moving The Container Store (TCS) lower. The company posted a loss of 7 cents, a penny more than expected. The Container Store also lowered its forecast as it expects sluggish sales to continue. But all eyes will be on the Fed today.

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