Wall Street Holds Steady Ahead of FOMC as Traders Wait for Breakout Cues

U.S. equities are trading with a softer tone ahead of the FOMC meeting, as investors stay cautious and avoid aggressive positioning before the policy decision. The Dow Jones Industrial Average (DJIA) is down 23.47 points (-0.05%) to 49,144.32. Meanwhile, the S&P 500 has fallen 34.67 points (-0.48%) to 7,139.24, while the Nasdaq is lower by 222.65 points (-0.90%) at 24,664.45. For now, traders are waiting for the next clear catalyst, which may come after the Fed meeting.

Dow Jones Industrial Average (INDU)

The DJIA is trading slightly lower today, but the overall price action still looks mostly ranging into the FOMC meeting. The market is clearly in a wait-and-see mode, as traders avoid making strong commitments before the announcement. Because of this consolidation, a stronger directional breakout might happen only after the meeting result is released. Until then, the index may continue hovering near the trend line without showing clear confirmation of direction.

Freeport-McMoRan Inc. (FCX)

FCX is currently in a bearish retracement after turning lower from the recent top. The retracement is still unfolding, and the share price may continue to move lower from here. On the downside, traders will closely monitor the rising trend line as the first support area to watch. If selling pressure remains strong, then the daily EMA 200 could become the next downside target. For now, this remains a healthy pullback inside the broader bullish structure, unless the stock breaks decisively below those support levels.