US stocks edge higher as investors hold their breath for the Fed's final rate hike of the year

• US stocks were slightly higher Wednesday ahead of the 2:00 p.m. ET Fed rate hike decision.
• Stocks jumped Tuesday after encouraging November CPI data, though indexes gave up most gains.

US stocks ticked higher Wednesday as investors looked ahead to the Federal Reserve's final interest rate decision of the year, due out at 2:00 p.m. ET.

Policymakers are largely expected to make a half-point hike at their final meeting of 2022, marking the fifth consecutive outsized move. The previous four hikes have been 75 basis-points each.

Fed Chair Jerome Powell is scheduled to speak at 2:30 p.m. ET, and investors will be hanging on every word for hints of what the central bank is thinking heading in 2023.

Stocks rallied early Tuesday on the back of a cooler-than-expected November inflation report. The Consumer Price Index clocked in at 7.1% year-over-year, below the predicted 7.3%. Signs that inflation has peaked is a boon for stocks, as it suggests the Fed could be nearing a dovish policy shift.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:

• S&P 500: 4,025.40, up 0.14%

• Dow Jones Industrial Average: 34,186.57, up 0.23% (77.93 points)

• Nasdaq Composite: 11,271.42, up 0.13%

Here's what else is going on today:

• Russia overtook Iraq as the biggest oil supplier to India last month
• Billionaire Howard Marks said he expects years of stubborn inflation and interest rates of up to 4%
• Goldman Sachs' chief US economist said the Fed will keep battling inflation into 2024
• Wharton professor Jeremy Siegel predicted the Fed will end its interest-rate hikes this month
• Crypto exchange Binance has seen $3.6 billion in outflows in a week

In commodities, bonds, and crypto:

• Oil prices climbed, with West Texas Intermediate up 0.86% to $76.04 a barrel.
• Brent crude, the international benchmark, inched higher 0.92% to $81.41 a barrel.
• Gold edged lower 0.29% to $1,820.00 per ounce.
• The 10-year yield ticked higher 1 basis points to 3.51%.
• Bitcoin moved higher 0.78% to $17,897.01.