Wall Street Mixed Ahead of Fed Decision By Investing.com

Investing.com – Wall Street was mixed on Wednesday ahead of the Federal Reserve’s policy decision later in the day.

The rose 59 points or 0.2% by 9:40 AM ET (13:40 GMT), while the S&P was flat and tech-heavy fell 12 points or 0.2%.

The central bank is expected to keep unchanged, but investors will be looking for any hint that the Fed has become more dovish.

Chairman Jerome Powell holds a at 2:30 PM ET (17:00 GMT). Markets now see the chance of a rate cut in July, with an 80% chance priced in amid ongoing trade tensions between the U.S. and China, slow global growth, and dampening inflation.

“Expectations remain elevated over a rate cut in July and investors will be closely scrutinizing the statement for confirmation of a cut next month,” said Lukman Otunuga, a research analyst at ForexTime Limited in London.

“Should the Fed sound less dovish than expected or completely omit any hints about taking action next month, it could send equity markets sliding.”

Adobe (NASDAQ:) rose 3.6% after its earnings came in better than expected, while American Express (NYSE:) inched up 0.3% after Bank of America/Merrill Lynch reinstated coverage of the company with a buy rating.

Netflix (NASDAQ:) was up 0.7%, while Uber (NYSE:) jumped 1.5%.

Elsewhere, Oracle (NYSE:) fell 0.7% ahead of its earnings report after the market closes, while Facebook (NASDAQ:) slumped 1.5% and Tesla (NASDAQ:) slipped 1.2%.

In commodities, crude slumped 1% to $53.55 a barrel, slipped 0.2% to $1,347.55 a troy ounce, while the , which measures the greenback against a basket of six major currencies, fell 0.1% to 97.04.

-Reuters contributed to this report.

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