Stocks were little changed Wednesday as Wall Street anticipated the first Federal Reserve interest rate cut in four years. Gains were muted as uncertainty lingered over how big the easing will be from the central bank.
The Dow Jones Industrials index dropped 36.88 points to 41,569.30.
The much broader index reversed 7.69 points to 5,626.96.
The NASDAQ retreated 38.84 points to 17,589.22.
The Fed is expected to deliver its latest policy decision at 2 p.m. ET. The central bank is expected to lower rates by at least a quarter percentage point, but traders are divided over how big the reduction will be. Experts speculate traders pricing in a 61% chance of a half-point cut and 35% odds of a quarter-point move.
Prices for the 10-year Treasury sagged, lifting yields to 3.69% from Tuesday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices faded 33 cents to $70.86 U.S. a barrel.
Gold prices recovered $7.20 to $2,599.60.
