The Dow Jones Industrials dropped 44.82 points to 32,515.78.
The S&P 500 cleared breakeven 2.01 points to 4,004.88.
The NASDAQ Composite gained 31.63 points to 11,891.74.
Barclays Analyst Adrienne Yih upgraded Nike shares to overweight from equal weight, and raised her price target, saying the strength of Nike’s latest earnings results show the sports apparel retailer is getting back to its long-term targets — despite some weakness in China.
The Fed is slated to conclude its two-day policy meeting Wednesday, with an announcement expected for 2 p.m. ET. Most investors expect the central bank to stay committed to its tightening and raise rates by 25 basis points. As of Wednesday morning, there is about an 90% chance of a quarter-point increase by the Fed. Meanwhile, there’s a roughly 10% probability of there being no hike.
Prices for the 10-year Treasury were higher, lowering yields to 3.58% from Tuesday’s 3.60%. Treasury prices and yields move in opposite
directions.
Oil prices regained 55 cents to $70.22 U.S. a barrel.
Gold prices moved forward $6.70 to $1,947.80 U.S. an ounce.