Stocks headed for a largely unchanged opening Wednesday, with investors unlikely to make bold moves ahead of a widely expected interest rate reduction by the Federal Reserve.The market has been banking on a new rate cut to be announced Wednesday afternoon, following the central bank's drastic 0.75 percentage point reduction in the overnight fed funds rate a week ago. The only uncertainty in investors' minds is whether the Fed will put in place a sizable 0.50 percentage point cut or more cautiously order a 0.25 percentage point cut.
A larger cut would show central bankers remain concerned about stimulating a flagging economy. A smaller move would point to continuing nervousness about inflation.
The futures contract for the Dow Jones industrial average was unchanged at 12,471. The Standard & Poor's 500 futures contract dropped 0.60 percent, or 0.02 percent, to 1,361.50 as the Nasdaq 100 contract declined 8 points, or 0.22 percent, to 1,804.0.
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