Stock market today: US stocks stall as Fed decision day arrives

US stocks were mixed in cautious trading on Wednesday as investors waited to find out whether the Federal Reserve has shifted its view on how many interest-rate cuts could come this year. The S&P 500 was flat at the open on the heels of a fresh all-time closing high for the benchmark. Meanwhile, the Dow Jones Industrial Average fell 0.2% and the tech-heavy Nasdaq Composite gained 0.2%.

Wall Street analysts suspect that recent hotter-than-expected inflation readings and signs of strength in the US economy could prompt policymakers to forecast rate cuts in 2024, from three previously. That uncertainty could weigh on stocks, and on the broadening of the recent rally. Bonds could also come under pressure after the Fed statement at 2 p.m. ET. Yields on the 10-year Treasury were slightly lower at around 4.28%, after rising over 20 basis points in the past two weeks.

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