NEW YORK: Wall Street stocks were little changed early Wednesday as markets awaited a Federal Reserve interest rate decision expected to set monetary policy for the coming period.
Investors have baked in expectations that the Fed will announce a quarter percentage-point cut on Wednesday, lowering its benchmark lending rate to between 4.25 and 4.50 percent.
“The market is also bracing to hear Fed Chair Powell convey a sense that the Fed is apt to refrain from another rate cut in January,” said Briefing.com analyst Patrick O’Hare. “The questions are, just how long might any pause last and how might that translate in terms of total rate cuts in 2025.”
Wall St falls on caution over Fed decision
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 43,503.30.
The broad-based S&P 500 slipped 0.1 percent to 6,045.51, while the tech-rich Nasdaq Composite Index also declines 0.1 percent to 20,081.46.
Among individual companies, General Mills dropped 4.3 percent as it lowered some of its projections, citing the impact of “increased promotional investment” to boost sales in an “uncertain” macroeconomic.
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