U.S. stocks dipped ahead of Fed rate decision amid profit-taking and policy uncertainty.

U.S. stocks ended lower on Monday as investors grew cautious ahead of the Federal Reserve’s upcoming interest rate decision, with the Dow, S&P 500, and Nasdaq all declining modestly amid profit-taking in tech and cyclical stocks. Markets held near record highs but showed restraint due to uncertainty over monetary policy. Canadian equities also fell. The U.S. dollar strengthened against the yen, Canadian dollar, and Swiss franc, while holding steady against the euro and pound. Global markets were mixed, with European indices mostly flat or slightly lower, Asian markets generally weaker—especially Hong Kong’s Hang Seng—and select emerging markets rising. Overall, trading was subdued as investors awaited Fed guidance.