News

Stocks drift, bond yields rise as markets wait for the Fed

NEW YORK (AP) — Wall Street is off to a mixed start on Wednesday and bond yields are rising as traders look ahead to an announcement later in the day on interest rates from the Federal Reserve. The Fed is widely expected to raise its benchmark shortterm rate by double the usual amount, half a percentage point, as it steps up its fight against inflation. Several companies were making big moves on earnings news. Lyft sank 30% after releasing an outlook weaker than analysts were expecting, while Airbnb and Starbucks both rose after reporting solid results. The S&P 500 was drifting between small gains and losses.

Read MoreStocks drift, bond yields rise as markets wait for the Fed