01:55 PM EST, 01/29/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday as markets awaited the Federal Reserve's latest monetary policy decision and financial results from three mega-caps.

The Nasdaq Composite was down 0.7% at 19,587.8 after midday Wednesday, while the S&P 500 fell 0.4% to 6,044.1. The Dow Jones Industrial Average lost 0.1% to 44,812.4. Among sectors, technology saw the steepest decline, while consumer staples paced the gainers.

Markets widely expect the central bank's Federal Open Market Committee to hold interest rates steady, according to the CME FedWatch tool. Fed Chair Jerome Powell's press conference is scheduled for 2:30 pm ET.

"The Fed is likely to focus on the elevated and uncertain pathway of price pressures and the reduced risk of weakness in the labor market as justification to pause further policy adjustments, at least for now, as the committee continues to assess the incoming data and impact of fiscal policy," Stifel said in a note to clients.

The US two-year yield was up one basis point at 4.21% intraday, while the 10-year rate was little changed at 4.55%.

Mega-caps Microsoft ( MSFT ) , Meta Platforms ( META ) and Tesla (TSLA) are scheduled to report results after Wednesday's closing bell, along with other names such as IBM ( IBM ) and ServiceNow ( NOW ) .

In company news, officials in the Trump administration are considering additional curbs on the sale of Nvidia ( NVDA ) chips to China, Bloomberg News reported, citing unnamed sources. The chip-making giant's shares were down 5.8%, the steepest decline on the Dow and the Nasdaq and among the worst on the S&P 500.

Starbucks ( SBUX ) shares were up 8.1%, the best performer on the Nasdaq and the second-best on the S&P 500. Late Tuesday, the coffee giant's fiscal first-quarter results topped Wall Street expectations as higher prices helped cushion a blow from weak volume.

T-Mobile US ( TMUS ) reported better-than-expected fourth-quarter results Wednesday aided by its postpaid phone subscriber additions that came in ahead of the Street's projections. The wireless company's shares jumped 7.1%, among the top gainers on the S&P 500.

West Texas Intermediate crude oil decreased 1.7% to $72.55 a barrel intraday.

In economic news, mortgage applications in the US declined last week mainly due to weak refinancing activity across conventional and government loans, the Mortgage Bankers Association said.

Gold was up 0.1% at $2,769.20 per troy ounce, while silver gained 1.8% to $31.45 per ounce.