02:10 PM EDT, 07/29/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday as the Federal Reserve's monetary policy meeting got underway, while markets tracked trade updates.

The Dow Jones Industrial Average was down 0.3% at 44,685.6 after midday Tuesday, while the S&P 500 and the Nasdaq Composite fell 0.1% each to 6,381.3 and 21,153.7, respectively. Among sectors, industrials saw the steepest decline, while real estate led the gainers.

The Fed's two-day meeting will conclude Wednesday. Markets widely expect the central bank to again leave interest rates unchanged, according to the CME FedWatch tool.

"There will be a robust debate of 'doves' vs. 'hawks'" at the meeting, Macquarie said in a Tuesday client note. However, "there won't be a 'deal with the devil at the crossroads' to cut rates yet."

Earlier this month, Fed Governor Adriana Kugler said she favored holding rates steady "for some time" amid tariffs-induced upward pressure on inflation. Other policymakers, however, have expressed opposing views in the past. US President Donald Trump has repeatedly called on the Fed to cut interest rates.

US Treasury yields were lower intraday Tuesday, with the 10-year rate dropping 8.8 basis points to 4.33% and the two-year rate losing 4.3 basis points to 3.88%.

Trade negotiators from the US and China have discussed extending a truce over tariffs, though they haven't yet reached an agreement, The Wall Street Journal reported Tuesday, citing senior officials of the Trump administration.

Trump must sign off on a potential extension of a tariff pause between Washington and Beijing, CNBC reported, citing US Trade Representative Jamieson Greer.

US Commerce Secretary Howard Lutnick encouraged South Korean officials to put forward their best trade deal during a recent meeting in Scotland, according to a separate Tuesday report by the WSJ, citing unnamed sources.

The US and the European Union recently announced a trade deal, under which the bloc agreed on a 15% tariff on most of its exports, including automobiles.

West Texas Intermediate crude oil was up 1.5% at $67.7 a barrel intraday Tuesday.

In company news, Novo Nordisk's ( NVO ) US-listed shares slumped 21% as the Danish drugmaker named a new chief executive and tempered its 2025 outlook amid market challenges hurting sales of its obesity and diabetes drugs.

UnitedHealth Group ( UNH ) provided a new full-year guidance that fell short of market estimates, while the health insurance giant's second-quarter earnings declined more than expected on an annual basis. Its shares were down 5.1%, the worst performer on the Dow.

Corning (GLW) was the top gainer on the S&P 500, up nearly 13%, as the company outlined an upbeat third-quarter financial outlook following a second-quarter beat.

Visa (V) and Starbucks ( SBUX ) are scheduled to post results after the closing bell Tuesday, along with others.

Gold was up 0.4% at $3,323.5 per troy ounce, while silver added 0.3% to $38.34 per ounce.