Fed Hike Looms Amid Ongoing Inflation Fears

Wall Street is holding steady on Wednesday as investors wait for the Federal Reserve's interest rate decision, expected to hike rates to combat high inflation.

The S&P 500 rose 0.4% and was on track for its second gain in eight days, while the Dow Jones Industrial Average dipped by 34 points or 0.1%, and the Nasdaq composite climbed 0.8% higher.

Oil prices eased, with Brent crude falling 2.5% to $106.07 per barrel, from a near-$110 high earlier this week due to concerns about the war in Iran clogging global oil flows.

The yield on the 10-year Treasury, which dictates mortgage and loan rates, dropped to 4.95% from 5.00% late Tuesday, after reaching its first top since 2023 at 5.00% earlier this week.