Wall Street inched marginally higher during Wednesday morning trading in New York, with traders remaining on edge ahead of the eagerly anticipated Federal Reserve meeting scheduled for 2 p.m. ET, followed by Fed Chair Jerome Powell's press conference at 2:30 p.m. ET.

The Fed is widely expected to reduce interest rates by 25 basis points to a target range of 4.25%-4.50%. Yet, the market's reaction is likely to hinge on the updated economic projections and Powell's commentary on future policy direction.

The semiconductor sector rebounded strongly, with the iShares Semiconductor ETF (NASDAQ:SOXX) climbing 0.9% after a 1.6% dip on Tuesday. Nvidia Corp. (NASDAQ:NVDA) surged 3.6%, on track to mark its best single-day gain in a month and to snap a four-day losing streak. The jump followed Nvidia's announcement of a new $249 Jetson computer for AI applications, significantly cheaper than its predecessor priced at $499.

In currency markets, the U.S. dollar edged 0.2% higher, with the DXY index breaking above 107, its highest level in three weeks. Treasury yields were steady, with the 10-year yield holding at 4.40% as traders awaited the Fed's decision.

Commodities presented a mixed picture: gold slipped 0.4%, while WTI crude gained 1.2%, supported by a larger-than-expected drawdown in U.S. crude inventories.

The cryptocurrency market took a breather after recent strong gains, with Bitcoin (CRYPTO: BTC) down 1.8%, trading below the $105,000 mark.

Wednesday's Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.2% to $605.62.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.4% to $437.08.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) held steady at $535.84.
• The iShares Russell 2000 ETF (NYSE:IWM) edged 0.2% up to $231.42.
• The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up by 0.4%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, down 0.4%.

Wednesday's Stock Movers

• Micron Technology (NASDAQ:MU) rose 2.4% ahead of its fiscal first-quarter earnings report. Analysts anticipate adjusted earnings of $1.76 per share on revenue of $8.7 billion for the quarter.
• Stocks reacting to earnings reports included General Mills Inc. (NYSE:GIS), down 3%; Jabil Inc. (NYSE:JBL), up 9.6% and Heico Corp. (NYSE:HEI), down 8.7%.

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