Stock market today: Wall Street drifts as it waits to hear from the Federal Reserve on rates | KLRT [Video]

NEW YORK (AP) — U.S. stocks are drifting Wednesday as Wall Street waits to hear from the Federal Reserve about where interest rates may be heading.

The S&P 500 was down 0.3% in afternoon trading, coming off its first losing month in the last six. The Dow Jones Industrial Average was up 142 points, or 0.4%, as of 1:43 p.m. Eastern time, and the Nasdaq composite was 0.3% lower.

CVS Health tumbled 16.6% after reporting weaker results for the latest quarter than analysts expected. It said it’s been hurt by increased costs at its Medicare Advantage business, and it cut its forecast for profit over the full year.

Other big names also dragged on the market following their profit reports, including Starbucks, Advanced Micro Devices and Super Micro Computer. But the focus is on Washington, D.C., where the Federal Reserve will announce its latest move on interest rates in the …