UPDATE: U.S. stock futures on tenterhooks as 'historic' Fed decision looms
By Sara Sjolin and Mark DeCambre, MarketWatch
Dollar drops as traders wait for Federal Reserve call
U.S. stock benchmarks looked set to see muted action Wednesday, with traders refraining from making big bets as they await the Federal Reserve's next move.
Stock futures switched between small gains and losses in the early going. Futures for the Dow Jones Industrial Average were down 11 points, or 0.1%, at 22,327, while those for the S&P 500 index slipped less than a point or 0.20 point at 2,505. Futures for the Nasdaq-100 index fell 3 points, or 0.1%, to 5,994.
The subdued trading environment early comes after all three main benchmark posted small gains and ended at all-time highs on Tuesday (http://www.marketwatch.com/story/us-stocks-aim-for-fresh-records-as-fed-meeting-steals-focus-2017-09-19). The Dow average climbed 0.2%, while the S&P 500 and Nasdaq Composite Index both ended 0.1% higher.
"Financial markets are consolidating this morning, with all eyes on the Fed as the [Federal Open Market Committee] conclude their two-day meeting with the announcement of monetary policy," said Richard Perry, market analyst at Hantec Markets, said in a note.
"This could be a historic meeting today. Even though there is no expectation of a rate hike, the meeting could include the official announcement that the Fed will begin to reduce the size of its balance sheet," he added.
Read:Why stock market investors shouldn't sweat a shrinking Fed balance sheet (http://www.marketwatch.com/story/why-stock-market-investors-shouldnt-sweat-a-shrinking-fed-balance-sheet-2017-09-19)