Stocks swing between gains and losses in morning trading on Wall Street Tuesday as investors watch for Wednesday’s decision by the Federal Reserve on interest rates.

The S&P 500 rose 0.6% as of 11:14 am Eastern Time Zone. The Dow Jones Industrial Average rose 131.29 points or 0.40%. The Nasdaq rose 51.95 points or 0.42% to 12,585.

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The benchmark S&P 500 had more gainers than losers, but the broader market was pulled down by weakness in technology stocks. Many tech stocks have pricey values and therefore have more force in pushing the major indexes up or down.

Energy stocks surged following positive earnings reports from several oil and gas companies. BP gained 6.9% after reporting its highest quarterly profit in more than a decade after soaring oil and gas prices. Devon Energy jumped 5.3% and Diamondback Energy rose 3.2% after they reported strong financial results for the first quarter.

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Wall Street is focusing on the Federal Reserve. The Fed is meeting on Tuesday and will release a statement on Wednesday. Investors are expecting a hike in key interest rates by double the usual amount this week as it tries to curb inflation. It has already increased its key overnight rate once, the first such increase since 2018, and Wall Street is expecting several such increases over the coming months.

The central bank’s aggressive policy to raise interest rates comes as rising inflation puts more pressure on businesses and consumers.

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Bond yields fell. The yield on the 10-year Treasury eased to 2.93% from 2.99% late Monday. Treasury yields have been generally rising all year as investors anticipate higher interest rates, which will make borrowing money more expensive.

Investors have been closely watching the latest round of company earnings to get more details on how inflation is impacting business and consumer behaviour.

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Household goods maker Clorox rose 3.5% after reporting solid quarterly results, but it also lowered its profit forecast for the remaining year citing higher costs. Starbucks will release its results later Tuesday. VS Health will report its financial results on Wednesday.