Opening Bell: Stocks Turn Mixed Ahead of Fed Meeting; McDonald’s Sinks on Earnings

U.S. stocks turned mixed Tuesday, as the Federal Reserve commenced its two-day July policy meeting. While experts don't expect the Fed to announce a rate hike on Wednesday, commentary is expected on the pace of rate increases going forward. 'They say they are data dependent - the data has looked better,' said Michael Ingram, a market strategist with BGC Partners, based in London. 'The question is to what extent are they prepared to telegraph a rate hike later on this year.' Meanwhile, Verizon Communications (VZ) - Get Report  reported mixed second quarter results. Earnings of $0.94 a share beat estimates of $0.92 a share, but revenue of $30.5 billion missed estimates of $30.9 billion. Some 36,000 workers went on strike during the quarter, impacting the company's profits. McDonald's (MCD) - Get Report shares dropped after reporting same store sales growth of 3.1 percent, missing estimates of 3.6 percent. The company's earnings fell short of estimates, while revenue matched forecasts. Caterpillar (CAT) - Get Report shares slipped after announcing additional staff cuts and a lower outlook for the second half of 2016. Profit of $1.09 a share topped estimates of $0.96 a share. Revenue also beat forecasts. TheStreet's Scott Gamm reports from Wall Street.