World stocks mixed amid investor jitters, commodities tumble By Reuters

By Sinéad Carew and FXCM FXCM latest login URLChris Prentice

NEW YORK (Reuters) -MSCI's global stocks gauge was lower on Tuesday as investors were jittery ahead of major corporate earnings reports and central bank meetings, while concern about the global economy pushed oil prices lower.

U.S. Treasury yields drifted lower in choppy trading as investors geared up for the outcome of the U.S. Federal Reserve meeting, which ends on Wednesday. The Fed is expected to hold interest rates steady for now but flag a rate cut in September.

Investors are also waiting for earnings reports from market heavyweights Microsoft (NASDAQ:) and chipmaker AMD (NASDAQ:) due after the bell and reports scheduled for later in the week from Apple (NASDAQ:) and Amazon.com (NASDAQ:).

"Markets are on watch for earnings and what the Fed will say on Wednesday," said John Praveen, managing director at Paleo Leon.

Praveen said some investors also worried about escalation in the Middle East after an Israeli air strike targeted a senior Hezbollah commander in Beirut's southern suburbs late on Tuesday in what Israeli military said was retaliation for a cross-border attack that killed 12 children and teenagers.

On Wall Street at 02:56 p.m. ET/1856 GMT, the rose 119.78 points, or 0.30%, to 40,659.71, the lost 32.64 points, or 0.60%, to 5,430.90 and the lost 214.41 points, or 1.23%, to 17,155.79.

MSCI's gauge of stocks across the globe fell 2.99 points, or 0.37%, to 801.36. Earlier, Europe's index closed up 0.45%.

In currencies, the Japanese yen gained on news reports that the Bank of Japan is considering raising rates to 0.25% when it concludes its two-day meeting on Wednesday.

The , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.02% to 104.56.

The euro was down 0.08% at $1.081. Against the Japanese yen, the dollar weakened 0.47% to

153.28. Sterling weakened 0.24% to $1.2831.

Traders have been pricing in a roughly even chance for a Bank of England rate cut at its policy meeting on Thursday.

In energy markets, oil prices fell on worries about weaker demand from China and a stronger U.S. dollar as well as concerns OPEC+ could boost supplies in the future.

settled down 1.4% at $74.73 a barrel and ended its session at $78.63 per barrel, down 1.4% on the day.

In precious metals, gold prices gained on investor optimism the Fed will drop clues on Wednesday about lowering interest rates in September.

added 0.86% to $2,404.01 an ounce. U.S. gained 1.06% to $2,402.90 an ounce.

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