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US stocks were mixed in cautious trading on Wednesday as investors waited to find out whether the Federal Reserve has shifted its view on how many interest rate cuts could come this year.

The S&P 500 (^GSPC) was flat at the open on the heels of a fresh alltime closing high for the benchmark. Meanwhile, the Dow Jones Industrial Average (^DJI) fell 0.2%, and the techheavy Nasdaq Composite (^IXIC) gained 0.2%.

Investors are treading carefully ahead of the Fed's policy statement at the end of its twoday meeting, given the risk of a shift in its stance. While no change in interest rates is expected on Wednesday afternoon, eyes are on the "dot plot" for any movement in forecasts for the months ahead.

Wall Street analysts suspect that recent hotterthanexpected inflation readings and signs of strength in the US economy could prompt policymakers to forecast fewer rate cuts in 2024, from three previously. That uncertainty could weigh on stocks and on the broadening of the recent rally.

Bonds could also come under pressure after the Fed statement at 2 p.m. ET. Yields on the 10year Treasury (^TNX) were slightly lower at around 4.28%, after rising over 20 basis points in the past two weeks.

On the corporate front, Kering (PPRUY) warned that sales at Gucci, its biggest brand, have fallen 20% in the first quarter. Shares in the luxury group slumped as much as 15% in Paris, wiping $7.6 billion off its market value.

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