Rally Pauses Before Fed Announcement

Stocks were little changed on Wednesday, putting the breaks on a month-long rally, as investors waited for the Federal Reserve’s latest decision on monetary policy.

The Dow Jones Industrial Average stayed ahead 31.05 points to 26,496.59,

The S&P 500 were unchanged at 2,917.88.

The NASDAQ Composite forfeited 1.56 points to 7,952.32

Expectations of lower rates helped the market rebound this month after a torrid performance in May. The S&P 500, Dow and NASDAQ were all up at least 6% in June entering Wednesday’s session.

The Fed is scheduled to deliver its decision at 2 p.m. ET. The central bank is not expected to make any changes in terms of monetary policy, but investors will look for clues on whether the Fed will cut rates later this year. Fed Chair Jerome Powell will hold a news conference after the announcement.

Prices for the benchmark 10-year U.S. Treasury lost ground, lifting yields to 2.09% from Tuesday’s 2.06%. Treasury prices and yields move in opposite directions.

Oil prices faded 23 cents to $53.67 U.S. a barrel.

Gold prices wilted $2.40 at $1,348.30 U.S. an ounce.