Consumers and traders are waiting to learn if the Fed’s pause is a one-meeting hold or the start of a longer stretch.

US stocks closed higher Tuesday after the first full day of Donald Trump’s second presidency, as traders absorbed a blizzard of executive orders that so far point to less aggressive action on trade.

U.S. stock markets will be closed on Monday, Jan. 20, in observance of the Martin Luther King Jr. Day holiday. The Nasdaq and New York Stock Exchange will both be closed on the federal holiday but ...