September 18, 2024 – 7:23 AM PDT
(Reuters) – Wall Street’s main indexes were flat on Wednesday as investors stepped onto the sidelines ahead of the Federal Reserve’s highly anticipated first interest rate cut in more than four years, with bets favoring a 50-basis-point reduction.
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Borrowing costs have stayed at their highest levels in over two decades since July 2023, when the central bank last hiked interest rates by 25 basis points to between 5.25% and 5.50% to combat inflation. But the focus recently has been more about a moderating labor market.
At 9:45 a.m., the Dow Jones Industrial Average (.DJI) fell 40.18 points, or 0.11%, to 41,560.69, the S&P 500 (.SPX) gained 3.11 points, or 0.06%, to 5,637.69 and the Nasdaq Composite (.IXIC) edged up 22.76 points, or 0.13%, to 17,650.82.
Nine of the 11 S&P 500 sectors traded flat,…
