Earnings from McDonald's Corp. to Caterpillar Inc. tugged U.S. stocks in opposite directions, leaving benchmark indexes little changed as investors turned attention to Wednesday's Federal Reserve policy decision.

Housing data that showed the biggest gain in new-home sales in eight years bolstered optimism in the economy and raised the specter that the Fed may strike a more hawkish tone on rates after its two-day meeting. Apple Inc. is slated to report results after the close of trading.

The rally that pushed the S&P 500 up for four straight weeks has faltered as the Fed kicks off a two-day meeting, with economists estimating the central bank will keep borrowing costs unchanged at its conclusion on Wednesday. Traders will also focus on earnings, with 45 companies in the S&P 500 scheduled to report results on Tuesday, including Apple Inc.

Traders are pricing in less than even odds of a rate increase until at least March 2017. While recent economic data have beaten forecasts, Chair Janet Yellen and her colleagues have emphasized a gradual pace of tightening. On Tuesday, data showed consumer confidence fell by less than forecast, while new-home sales rose in June to the highest level in more than eight years. Home prices in 20 U.S. cities rose less than projected in May from a year earlier.