Wall Street stocks were mixed on Wednesday as markets traded cautiously ahead of a Federal Reserve rate decision.
While the US central bank is widely expected to slash interest rates for a third straight time, investors are also bracing for a "hawkish cut".
The Fed's balance sheet and its strategy for purchasing short-term bills — a plan aimed at ensuring liquidity — will also be a focus for investors.
As of 12:33 P.M. Eastern Time, the S&P 500 was mostly flat, the Dow Jones Industrial Average was up 0.4%, and the Nasdaq Composite was 0.3% lower.
As of 10:45 A.M. Eastern Time, the S&P 500 slipped 0.1%, the Dow Jones Industrial Average was up 0.2%, and the Nasdaq Composite was 0.4% lower.
At the opening bell, the Dow Jones Industrial Average rose 13.7 points, or 0.03%, to 47,573.96. The S&P 500 fell 7.0 points, or 0.10%, to 6,833.49, while the Nasdaq Composite dropped 40.5 points, or 0.17%, to 23,536.001.
In the bond market, the yield on the 10-year Treasury edged down to 4.17% from 4.18% late on Tuesday. The 2-year yield dipped to 3.60% from 3.61%.
Key Stock Movers
GE Vernova shares climbed more than 15% after the company raised its financial forecast and its share buyback authorization.
Oracle stock fell 0.4% ahead of the earnings report later on Wednesday.
Palantir Technologies stock added 1.7% after the firm said the US Navy will use its artificial intelligence technology as part of a $448 million program.
GameStop shares shed 6.1% after the company reported weaker quarterly revenue.
Cracker Barrel Old Country Store slipped 0.3% after swinging between gains and losses.
JPMorgan Chase stock edged up 1.8% after the lending giant said it expects higher expenses next year.
Bullion Market
Gold prices fell on Wednesday as investors booked profits ahead of the Federal Reserve's interest rate decision.
At 0948 a.m. ET (14:48 GMT), spot gold was down 0.3% at $4,198.28 per ounce. US gold futures for February delivery inched 0.2% lower to $4,227.40 per ounce.
Among other metals, spot silver fell 0.2% to $60.56/oz, platinum lost 2.8% to $1,642.30, and palladium fell 2.7% to $1,466.21.
Crude Oil
Oil prices fell on Wednesday as the US government reported a smaller than expected draw in crude stocks last week, while investors watched for progress in Russia-Ukraine peace talks.
Brent crude futures were down 49 cents, or 0.8%, to $61.45 a barrel at 11:36 A.M. ET (1636 GMT). US West Texas Intermediate crude futures were down 48 cents, also 0.8%, to $57.77.
