NEW YORK — With the stock market in a bit of a news lull, investors decided to lock in some profits.

Stocks fell modestly yesterday in the absence of any major corporate or economic developments. Investors were cautious ahead of a two-day meeting of the Federal Reserve that starts today, and they're waiting for retail earnings reports to give some clues about consumer spending for the rest of the year.

Investors want to see what the Fed has to say about how the economy is faring when its meeting ends Wednesday. It is widely expected the Fed will keep key interest rates steady at near zero, but Wall Street will be paying more attention to the economic assessment the Fed issues with its rate decision rather than any rate move itself.