With Fed rate decision looming, stocks head lower

The U.S. stock market is closing slightly lower as traders hold back ahead of a much-anticipated Federal Reserve meeting later this week.

More signs of slowing economic growth in China weighed on prices for copper and other commodities Monday. That sent prices for materials stocks lower. Energy stocks fell along with the price of crude oil.

The Dow Jones industrial average gave up 62 points, or 0.4 percent, to close at 16,370.

The Standard & Poor's 500 index declined 8 points, or 0.4 percent, to 1,953. The Nasdaq composite fell 16 points, or 0.3 percent, to 4,805.

Traders are looking ahead to a Federal Reserve meeting that begins Wednesday. The bank could raise interest rates for the first time since the financial crisis.