Stock market today: Wall Street holds near its record highs ahead of a highly anticipated rate cut

NEW YORK — U.S. stock indexes are holding near their records ahead of an announcement that’s expected to kick off a series of cuts to interest rates meant to keep the economy out of a recession. The S&P 500 was little changed in early trading Wednesday. The Dow Jones Industrial Average slipped 71 points, or 0.2%. The Nasdaq composite was 0.2% higher. Treasury yields rose in the bond market ahead of the Federal Reserve’s decision on rates. Now that inflation has been easing, the U.S.

With inflation barely above their target level, Fed officials have been shifting their focus toward supporting a weakening job market and achieving a rare “soft landing,” whereby it curbs inflation without causing a recession. A half-point rate cut would signal that the Fed is as determined to sustain healthy economic growth as it is to conquer high inflation. This week’s move is expected to be only the first in a series of Fed rate cuts that will extend into 2025.

Consumer-facing genetics research company 23andMe Holding Co. tumbled more than 9% after seven independent directors resigned from the board. In a letter to CEO and Board Chair Anne Wojcicki, the board members expressed frustration that management had not produced “a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders.”

Elsewhere, in midday European trading, France's CAC 40 slid 0.4% and Britain’s FTSE 100 shed 0.6%. Germany's DAX inched down less than 0.1%. Trading was closed in Hong Kong for a national holiday. The Shanghai Composite index edged 0.5% higher to 2,717.28.

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