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Stock market today: Wall Street drifts in early trading ahead of Fed announcement on rates

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NEW YORK (AP) — Stocks are drifting as Wall Street waits to hear what will come out of the Federal Reserve’s latest announcement on interest rates. The S&P 500 was up 0.

1% early Wednesday, coming off its third straight losing month largely because of higher yields in the bond market. The Dow was little changed, and the Nasdaq composite was up 0.3%. The Fed is wrapping up its latest meeting on interest-rate policy in the afternoon. The overwhelming expectation is for it to hold its main rate steady for the second straight time. It’s already yanked the overnight rate above 5.25% from nearly zero early last year.

In premarket equities trading, CVS Health dipped about 1% after it posted better-than-expected third-quarter sales and profit but trimmed its adjusted per-share earnings expectations for the year. U.S. benchmark crude oil advanced $1.55 early Wednesday to $82.57 a barrel. It lost 29 cents on Tuesday to $81.02. Brent crude, the international standard, picked up $1.55 to $86.57 a barrel.

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