Wall Street Closes Mixed as Investors Await Federal Reserve's Interest Rate Decision

U.S. stock markets closed with mixed results on Tuesday as investors awaited the Federal Reserve's upcoming decision on interest rates. The Dow Jones Industrial Average fell 0.4% to 47,560.81, the S&P 500 slipped 0.1% to 6,839.51, while the Nasdaq Composite edged up 0.1% to 23,576.49.

Energy stocks outperformed, led by Exxon Mobil, which rose 1.9% after raising its earnings and cash-flow outlook for 2024–2030.

Investors are focused on the Fed’s interest rate decision, which is set to be released Wednesday. According to the CME FedWatch, investors now see an over 89% chance of a 25-basis-point rate cut for the meeting. The policy rate currently stands at the target range of 3.75% to 4%.

JPMorgan Chase was a notable drag on the Dow. The bank’s presentation at the Goldman Sachs Financial Services Conference worried investors, and shares fell 4.16%, dropping from roughly $317 to the $300 level in a single session after management outlined 2026 firm-wide expenses of about $105 billion.

Nvidia's stock was in focus after President Trump announced it could sell AI chips to China, while Exxon Mobil's shares rose following an improved earnings outlook.