NEW YORK (MarketWatch) -- U.S. stocks fell in light trade Monday amid investor nervousness ahead of the Federal Reserve's interest-rate decision Tuesday and as a U.K. lender's ongoing trouble added to worries about the global credit crunch.
"Belief that the Fed will only ease 25 basis points instead of 50 is weighing" on the market, said analysts at Ried Thunberg ICAP.
Trading volumes were lighter than usual, with some investors opting to sit out of the action ahead of the Fed meeting Tuesday.
Volume at the New York Stock Exchange came to 957 million shares, with declining stocks outpacing advancers 11 to 5. At the Nasdaq, more than 1.2 billion shares exchanged hands, and declining issues topped advancing stocks 2 to 1.
Ahead of the opening bell, stock futures maintained their losses after the New York Federal Reserve reported a slight slowdown in manufacturing activity in the New York area in September, with its Empire State Manufacturing index falling to 14.7 points from 25.1 in August.
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