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The S&P 500 edged higher Wednesday as indexes wavered ahead of the Federal Reserve’s meeting.

Traders are widely expecting the central bank to approve what could be its last interest-rate increase for some time.

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In recent market action:

Eli Lilly (LLY): The company said an experimental drug slowed cognitive and functional decline for people with early-stage Alzheimer’s disease in a new study. Eli Lilly stock gained more than 3.5% in morning trading.

Estee Lauder (EL): Shares are down 19% after the company cut its revenue outlook for the year on a slower-than-expected recovery for beauty product sales in China.

PacWest (PACW), Western Alliance (WAL): Shares in the midsize U.S. banks traded were gaining recently. The increases come after big declines Tuesday that reflected investor concerns about the future of regional banks.

Advanced Micro Devices (AMD): Shares in the chip maker fell more than 7.7% after it reported sluggish demand in its latest earnings report.

Starbucks (SBUX): Shares were down 7% in morning trading. The coffee giant reported a big quarterly profit increase but Chief Executive Laxman Narasimhan said the business environment remains challenging.

Chegg (CHGG): Shares in the online-learning platform rose 10%, recovering from yesterday when it fell almost by half following a warning that ChatGPT was eating into growth.

Ruth’s Hospitality (RUTH): The steak-house chain owner’s stock jumped more than 30% after Darden Restaurants, the Olive Garden parent, agreed to buy it for $21.50 a share in cash. Darden’s stock edged lower.


Image: Nasdaq