The Dow was down a fraction of a point at 11,842.
The S&P was virtually unchanged at 1,318. And the Nasdaq composite fell 20 points to 2,385.
Declining issues held a commanding 2 to 1 lead over advancers on the New York Stock Exchange.
NYSE volume topped 4 billion shares. Nasdaq volume was 1.8 billion shares.
Light, sweet crude for August delivery rose $1.38 to settle at $136.74 a barrel on the New York Mercantile Exchange.
The Fed's two-day policy setting session begins Tuesday.
Observers expect the central bank will leave rates unchanged.
(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-06-23-08 1614EDT
