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NEW YORK—Wall Street finished little changed Monday as investors turned cautious ahead of the Federal Reserve’s two-day policy meeting, which starts Tuesday.

Stocks advanced for most of the session, then pulled back modestly in the final minutes of trading.

Investors’ appeared to be waiting for the Fed to make the next move. Policymakers are widely expected to cut interest rates by a quarter point on Wednesday, then leave them steady for the balance of the year to help ward off inflation.

The session’s modest moves came despite one of the most active days fo...