U.S. stocks edged higher Wednesday ahead of the highly awaited Federal Open Market Committee decision, with investors broadly expecting a third straight 25-basis-point rate cut.

The Fed will also release updated macro projections, including a new dot plot outlining policymakers' preferred rate path. Economists warn that while a December cut appears likely, officials may adopt a more cautious stance heading into 2026, opening the door to a prolonged pause.

The Dow Jones rose 250 points, or 0.5%, to 47,810. The small-cap Russell 2000 extended its record run, up 0.3% to 2,535. The S&P 500 and Nasdaq 100 were little changed as traders awaited the Fed's statement and earnings from Oracle Corp. (NASDAQ:ORCL) and Adobe Inc. (NASDAQ:ADBE) after the bell.

GE Vernova Inc. (NYSE:GEV) was the day's ...