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Investors cautious ahead of midweek earnings and Fed

Cashin says investors wary of black swan event

Tuesday could easily be an echo of Monday on Wall Street, with investors on edge a day ahead of the unofficial start of earnings season and the release of minutes from the Federal Open Market Committee.

On course to end bond purchases that helped prop up the U.S. economy through the recession, the Federal Reserve is also pondering the timing and pace of what would mark the central bank's first interest-rate hikes since 2006. The Fed publicizes minutes from its September meeting Wednesday, three weeks ahead of gathering again.

The FOMC release will also draw particular attention in that it precedes the Federal Reserve's meeting at the end of the month, at which the central bank is expected to "officially end the taper program, and then everyone gets to wring their hands about when they start raising rates," said Paul Nolte, portfolio manager at Kingsview Asset management.