By Liz Moyer

Investing.com — U.S. stocks open mixed on Wednesday, with less than an hour before the Federal Reserve announces interest rates. Also, a press conference will be held featuring Jerome Powell.

At 9:45AM ET the index had risen 68 points or 0.2% while the was up 0.1%. The Index was also up 0.1%. And the Index was down 0.2%.

The stock market has been teetering ahead of the Fed meeting. Policy makers will likely raise rates by half-point to combat inflation. The statement will provide insight into how aggressive the Fed is going to be over the coming months, as it works towards a soft landing that does not tip the economy into recession. Investors hope this statement gives them some indication of what they can expect. 

After the European Union’s proposal to ban Russian oil imports, crude oil rose 4%. The price of a barrel rose to $106.53 and $108.91 respectively.

The shares of Lyft Inc (NASDAQ:), plunged 30% following Tuesday’s announcement that it would invest more money in trying to coax drivers back. A rise in ridership and higher gasoline prices have pushed down fares. Uber Technologies Inc (NYSE:) shares fell 11% on Wednesday after beating expectations but taking a $5.9 billion loss on investments in Southeast Asian companies Grab Holdings Ltd (NASDAQ:), Aurora, Didi Global Inc (NYSE:) 

1.1% decrease in price to $1867 per ounce