Wall Street Stands Pat Ahead of Expected Rate Hike

Wall Street held steady on Wednesday as investors awaited the Federal Reserve's decision on interest rates. The S&P 500 rose by 0.4%, its second gain in eight days, while the Dow Jones Industrial Average slipped 34 points, or 0.1%. The Nasdaq composite gained 0.8%.

The Fed is expected to raise interest rates to combat high inflation, which has been a concern for traders. Brent oil prices fell 2.5% to $106.07, easing pressure on the bond market. The yield on the 10-year Treasury decreased to 4.95%, down from 5.00% late Tuesday.

The European Central Bank hiked rates last week to address inflation globally. While traders are betting on a slight chance that the Fed may hold off on raising rates, many see it as a near certainty.