NEW YORK: Wall Street stocks were little changed early Tuesday amid elevated volatility as markets awaited a key Federal Reserve decision and monitored ongoing developments in Ukraine.

After a topsy-turvy session Monday in which stocks ended the session modestly higher, equities were zig-zagging again early Tuesday.

“The markets remain edgy, as the Fed is expected to be aggressive in this monetary policy tightening cycle,” Charles Schwab investment bank said in a note.

“Moreover, sentiment continues to be hampered by the ongoing war in Ukraine, the recent jump in interest rates, the continued rally in the US dollar, and the economic impact of the covid lockdowns in China.”

About 30 minutes into trading, the Dow Jones Industrial Average dipped 0.1 percent to 33,013.97.

The broad-based S&P 500 added 0.1 percent at 4,159.94, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 12,542.79.

Analysts broadly expect the Fed on Wednesday to increase the benchmark lending rate by a half point in a bid to counter inflation.

Worries about the Fed’s moves have pressured stocks for months, prompting debate on the extent that the monetary policy shift has been baked into the market already.

Investors are also watching developments in Russia.

Michael Carpenter, US ambassador to the Organization for Security and Cooperation in Europe, said Russia plans to “annex” two eastern regions of Ukraine battered by its invasion after failing to overthrow the government in Kyiv.