(Updates with latest market prices and developments.)
US benchmark equity indexes were mixed intraday, with traders awaiting the Federal Reserve's highly-anticipated interest rate decision.
The Nasdaq Composite was up 0.7% at 26,151.5 after midday Wednesday, while the S&P 500 edged higher by 0.3% to 7,606.5. The Dow Jones Industrial Average dipped 0.1% to 52,036.2. The indexes closed Tuesday trading in the red for the second consecutive session.
Barring energy and financials, all sectors were advancing intraday Wednesday, led by industrials and technology.
The Fed's monetary policy committee will announce its interest rate decision at 2 pm ET. Markets are currently pricing in a 93% probability that the Federal Open Market Committee will hike its benchmark lending rate by 25 basis points, according to the CME FedWatch tool.
The central bank will also release its latest Summary of Economic Projections, which includes the "dot plot" that anonymously shows policymakers' interest rate projections. Fed Chair Kevin Warsh is expected to hold a press conference at 2:30 pm.
"The Fed should raise rates today, that has never been the question," Stifel said in a Wednesday note e-mailed to. "The real question is: Will they? And will they continue hiking? The committee may be poised to hike this afternoon, but the telltale sign of conviction to tackle inflation -- as opposed to a one-time token increase -- will be a willingness to follow through with additional hikes into year-end."
Treasury yields were lower intraday, with the two-year rate down 4.6 basis points at 4.62% and the 10-year rate falling 3.5 basis points to 4.96%.
In other economic news, US retail sales rebounded more than expected in August as higher fuel prices lifted spending at gasoline stations and outlays on motor vehicles turned positive.
Mortgage applications in the US declined last week as the 30-year fixed rate reached its highest level since May 2025, the Mortgage Bankers Association said.
US homebuilder confidence this month hit its lowest level since September 2025 amid elevated mortgage rates and material costs, the National Association of Home Builders and Wells Fargo said.
West Texas Intermediate crude oil fell 3.2% to $102.46 a barrel intraday, while Brent dropped 3% to $105.49.
Saudi Arabia is working to return about half the capacity of its East-West oil pipeline within days, Bloomberg News reported. Drone attacks led to the shutdown of that pipeline last week.
Shares of Intel (INTC) were up 4.6% intraday, among the best performers on the S&P 500, following a Reuters report that the chipmaker and SK Hynix (SKHY) were discussing a US memory chip partnership.
"SK Hynix is exploring various options to strengthen its global competitiveness, but no specific plans or arrangements have been finalized at this time," the company said in a statement. SK Hynix's US-listed shares were up 1%.
J.B. Hunt Transport Services (JBHT) tumbled nearly 14%, the worst performer on the S&P 500, after Chief Financial Officer Brad Delco said during a conference call late Tuesday that the company expects its third-quarter profit to decline sequentially.
Spot gold rose 1.2% to $4,343.91 per troy ounce, while silver gained 1.7% to $64.96 per ounce.
