Stocks pulled back from multi-year highs Monday as euphoria over the Fed's decision to launch another round of QE diminished. But there were deep disagreements between policymakers over whether the new round of bond-buying would actually boost the ailing economy.
Chicago Fed President Charles Evans said the central bank's decision to launch another round of bond buying will provide "important added stimulus" to the economy. Meanwhile, Dallas Fed President Richard Fisher told CNBC he would have voted against itbecause he believes the program won't do much to create jobs.
FedEx reported quarterly earnings that beat analysts' expectations, but shares fell after the package delivery company cut its profit estimatesfor its fiscal year 2013. Rival UPS also slipped.
Alcoa slid after Jefferies cut its rating on the aluminum producer to "hold" from "buy."
AMD fell sharply after the chipmaker said its CFO, Thomas Seifert, is leaving the company after joining the company in 2009.
Ford unveiled its redesigned 2013 Fusion. The Fusion has become automaker's best-selling model since it went on sale in 2005. (Read More: Ford CEO Mulally Mum on Succession Plans)
Oil prices slipped a day after falling sharply amid rumorsover a "fat-finger" trading error and buzz over a potential release from the Strategic Petroleum Reserve.
On the economic front, the U.S. current account deficit narrowed more than expected to $117.40 billion in the second quarter, according to the Commerce Department. Analysts surveyed before the report had expected the current account gap to shrink to $125.5 billion.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter:
Coming Up This Week:
WEDNESDAY: Weekly mortgage apps, housing starts, existing home sales, oil inventories; Earnings from AutoZone, General Mills, Adobe Systems, Bed Bath & Beyond
THURSDAY: Jobless claims, Philadelphia Fed survey, leading indicators, Fed's Kocherlakota speaks; Earnings from CarMax, ConAgra, Rite Aid, Oracle
FRIDAY: Quadruple witching, Fed's Lockhart speaks, iPhone 5 shipping date
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