(Reuters) - Wall Street's main stock indexes inched lower on Wednesday as investors awaited the conclusion of the Federal Reserve's meeting where it is widely expected to keep interest rates unchanged and provide cues on its monetary policy trajectory.

U.S. central bankers will conclude their two-day meeting later in the day. Focus will be on the Fed's policy statement, updated economic projections and Chair Jerome Powell's press conference.

Traders pulled back bets for a June rate cut to 64% from 71% at the start of last week, according to CME FedWatch data.

"The two things that the markets will be focused on are will there be a change in forecasts and also will there be a change in the tone," said Michael Metcalfe, head of macro strategy at State Street Global Markets.

"Given the mistakes in the past that the Fed has made with transitory (language), you can understand why they might not want to comment on just one data release but we have January and February with slightly concerning signs about the inflation trend, so there'll be a focus on whether he (Powell) mentions it."

Wall Street rallied to all-time highs this month, supported by optimism around artificial intelligence, but it has retreated a little in recent weeks after reports showing robust inflation shook confidence in the Fed kicking off its rate-easing cycle soon.

At 9:49 a.m. ET, the Dow Jones Industrial Average was down 20.12 points, or 0.05%, at 39,090.64, the S&P 500 was down 4.55 points, or 0.09%, at 5,173.96, and the Nasdaq Composite was down 32.36 points, or 0.20%, at 16,134.43.

Seven of the 11 major S&P 500 sectors were trading higher, though healthcare was underperforming, down 0.4%.

Most megacap growth stocks edged higher, while Tesla gained 0.3% after confirming to Reuters it will raise the price of China-produced Model Y vehicles by 5,000 yuan ($694.55) from April 1.

The Biden administration said it is awarding Intel nearly $20 billion in grants and loans, lifting shares of the chipmaker up 1.2%.

Nasdaq's shares fell 2.8% after the exchange operator said Borse Dubai will sell shares worth $1.6 billion in the company, reducing its stake to 10.8% from 15.5%.

Equinix fell 2.7% after Hindenburg Research said it has taken a short position in the data center operator.

PDD Holdings jumped 5.0% after the e-commerce company beat Wall Street estimates for fourth-quarter revenue.

Chipotle Mexican Grill climbed 5.9% after the company said its board had approved a 50-for-1 split of its common stock.

Declining issues outnumbered advancers for a 1.09-to-1 ratio on the NYSE and for a 1.16-to-1 ratio on the Nasdaq.

The S&P index recorded 26 new 52-week highs and no new lows, while the Nasdaq recorded 30 new highs and 40 new lows.