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The Fed and Alibaba Effect

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Alibaba Effect hangs over stocks

The Fed meeting and Alibaba's upcoming initial public offering (IPO) are hanging over the market this week and both could influence stocks again Tuesday.

Stocks have traded nervously before the outcome of the Fed's two-day meeting, which starts Tuesday. Traders are awaiting Wednesday's statement, which some Fed watchers believe could signal a more hawkish tone.

The Alibaba IPO, meanwhile, got even bigger Monday when underwriters raised the price range after signs of strong demand. The Chinese e-commerce giant is now expected to price its IPO in the range of $66 to $68 per share, valuing the offering at as much as $21.8 billion.

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