01:48 PM EDT, 05/07/2025 (MT Newswires) -- US benchmark equity indexes were mostly higher ahead of the Federal Reserve's latest monetary policy decision, aided by a post-earnings rally in Walt Disney ( DIS ) shares.

The Dow Jones Industrial Average was up 0.8% at 41,171.7 after midday Wednesday, while the S&P 500 rose 0.4% to 5,626.8. The Nasdaq Composite was little changed at 17,683.4. Barring communication services, all sectors were in the green, led by consumer discretionary and financials.

The Fed's interest-rate announcement is due at 2 pm ET, with Chair Jerome Powell's press conference scheduled for 2:30 pm.

Markets widely expect the central bank's Federal Open Market Committee to hold its benchmark lending rate steady for a third straight meeting, according to the CME FedWatch tool.

Investors will be focused on comments from Powell "for any indications as to the direction of monetary policy and the timing of potential rate cuts in the future," Stifel said in a client note. Investors continue to pencil in at least three cuts by the end of the year, according to the note.

US Treasury yields were mixed intraday, with the 10-year rate falling 3.3 basis points to 4.29% and the two-year rate gaining one basis point to 3.8%.

In company news, Disney ( DIS ) shares jumped nearly 11%, the top gainer on the Dow and among the best on the S&P 500. The media and entertainment giant raised its full-year earnings outlook after reporting a surprise increase in profit for its fiscal second quarter.

Rockwell Automation ( ROK ) was the second-best performer on the S&P 500, up 12%, after the industrial automation company raised its full-year earnings guidance as its fiscal second-quarter results came in above Wall Street projections.

Marvell Technology ( MRVL ) shares sank 9.7%, among the worst Nasdaq performers. The company late Tuesday narrowed its fiscal first-quarter revenue outlook range and said it was postponing its investor day scheduled for June 10 to a future date in 2026, citing a "dynamic macroeconomic environment."

Arm (ARM) and Fortinet ( FTNT ) are among the companies scheduled to report results after the closing bell Wednesday.

West Texas Intermediate crude oil was down 1.1% at $58.42 a barrel intraday.

US and China officials are due to meet in Switzerland this weekend to discuss economic and trade matters.

On Thursday, the European Union is expected to outline a list of more than $100 billion worth of US products it could hit with tariffs if trade discussions with the Trump administration fail, The Wall Street Journal reported, citing sources.

In economic news, mortgage applications in the US rebounded last week amid gains in refinancing and purchasing activities, while rates mostly dropped, the Mortgage Bankers Association said.

Gold was down 0.9% at $3,392.40 per troy ounce, while silver lost 1.9% to $32.76 per ounce.