UPDATE: Stock market bounces around as Wall Street awaits Fed's 'great unwind'
By Mark DeCambre and Sara Sjolin, MarketWatch
Dollar flat as investors await Federal Reserve call
U.S. stock benchmarks switched between small gains and losses Wednesday morning as investors traded skittishly ahead of the Federal Reserve's coming monetary-policy update.
Although Wall Street isn't expecting any change to rates, investors will be looking for clarity on the Fed's projection for futures rates and clarity on its $4.5 trillion asset-portfolio unwind.
The Dow Jones Industrial Average was trading little changed, up 6 points, or less than 0.1%, at 22,376, with shares of Apple Inc. (AAPL), weighing on the benchmark after it reportedly admitted (http://www.marketwatch.com/story/apple-admits-issues-with-apple-watch-connectivity-stock-falls-2017-09-20) there are issues with connectivity of its new Apple Watch Series 3. Shares of Boeing Co. (BA) and McDonald's Corp. (MCD) were helping offset some of that decline.
The S&P 500 index was about 2 points, or less than 0.1%, lower at 2,504, after briefly touching a fresh intraday day record at 2,508.85. Gains in financials, up 0.5% and telecommunication, 0.6% higher, helped lift the broad-market gauge, while technology, off 0.9% and consumer staples, down 0.2%, were the only sectors firmly trading in the red.
The Nasdaq Composite Index , meanwhile, was 14 points, or 0.2%, lower at 6,454, pressured, in part, by Apple's slide.
The mostly subdued trading environment 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.