Devik Jain, Shashank Nayar

(Reuters) – The U.S. stock market opened mixed on Wednesday, as investors resisted big bets before the Federal Reserve meeting. Policymakers widely expect to announce the end of support for the pandemic-era.

The U.S. central banks will probably announce in the policy statement that they are ending their $120 million-per-month asset buying program. This announcement is due to be made at 2 p.m. ET (1800 GMT).

Following the statement, Chair Jerome Powell will hold a news conference. Market participants will closely monitor this event for information on interest rate rises and inflation.

“We don’t believe they will change their rate rise plans for now… Fed has been so diligently in preparing market in what is going to happen and I will surprise to see any sort of extreme moves market post decision,” Sam Stovall (chief investment strategist, CFRA Research) in New York.

However, the Fed could cause some anxiety if it decides to reduce bond buying faster than the market expects. This is because the Fed has a greater concern about inflation.

Wall Street seems to have largely ignored concerns about rising prices and mixed economic growth. This is despite a strong third quarter earnings season, and a positive commentary on future growth.

Both the Nasdaq closed at record highs on Tuesday for the fourth session. The Nasdaq also recorded record closes, with the closing above 36,000 the first time.

Capri Holdings Ltd, Michael Kors’ owner, has raised its annual profit projection above Wall Street estimates. It has also shrugged off concerns about higher inventory costs and sent its shares up 12.1% premarket trade.

Producers of Shale oil Devon Energy (NYSE): Stock rose 2.9% due to topping earnings estimates, as the oil price hit multi-year records.

Lyft Inc (NASDAQ: ) surged 13.9% upon the ride-hailing service’s adjusted profit report for the third quarter. Mondelez International Inc (NASDAQ:) climbed after Oreo raised its annual sales outlook.

Profits for S&P 500 companies are expected to have climbed 40.2% in the third quarter from a year ago, up from an expected 29.4% rise at the start of the earnings season, according to data from Refinitiv.

At 8:32 am. ET was down 72 points or 0.2%. It went down by 5.5 points or 0.12%. ET rose 15.75 points or 0.1%.

Data showed that U.S. private employers continued to hire at a steady pace in October, even though there are still worker shortages.

The October composite PMI readings from IHS Markit and ISM Non-Manufacturing Activity are due to be available later in the morning.

Activision Blizzard Inc.(NASDAQ:) fell 13.6% after Jen Oneal, the co-leader of the company’s videogame publishing division delayed two eagerly awaited titles.

Humana Inc (NYSE:) fell 7.7% following a lower profit forecast for 2021 by the insurance company due to higher COVID-related expenses.