· The Dow Jones Industrial Average fell 1.58 points, or 0.01 percent, to 25,320.73, the S&P 500 gained 4.85 points, or 0.17 percent, to 2,786.85 and the Nasdaq Composite added 43.87 points, or 0.57 percent, to 7,703.79.
The S&P 500 and Nasdaq ended higher on Tuesday, boosted by gains in the technology and utilities sectors, and shares of media and telecom companies jumped in extended trade after AT&T won court approval to buy Time Warner.
Time Warner shares rose 4.4 percent in after-hours trading, while AT&T shares fell 2.8 percent. The planned deal, which was approved without conditions, could open the door to other potential industry deals.
Gains were limited during the regular session by investor caution ahead of the Federal Reserve’s policy decision. The Fed is widely expected to raise interest rates for the second time this year when it concludes its two-day policy meeting on Wednesday.
· Investors are focused on how the Fed characterizes its monetary policy, looking for hints on whether it would move to raise rates three or four times this year.
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· Asian markets were mixed in early Wednesday action as investors began to shift their focus from the recently concluded U.S.-North Korea summit to the conclusion of the Federal Reserve's June meeting later in the day.
· Japan's Nikkei 225 edged up by 0.22 percent in the morning, with shippers and utilities gaining. The materials sector lagged the broader index, but automakers advanced.
· Down Under, the S&P/ASX 200 slipped 0.25 percent, with most sectors trading in negative territory. The heavily weighted financials subindex eased 0.14 percent and resource plays also pulled back. Utilities held onto slight gains.
· Markets in South Korea and Indonesia were closed on Wednesday.
Reference: Reuters, CNBC
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