S&P 500 opens deep in red, Nasdaq edges higher on rising tech shares

• Wall Street's main indexes trade on a mixed note on Wednesday.
• Investors could remain on the sidelines while waiting for FOMC announcements.

Major equity indexes in the US opened mixed amid varying performances of major sectors on Wednesday. As of writing, the S&P 500 was down 0.75% on the day at 3,208 points, the Dow Jones Industrial Average was losing 0.27% and the Nasdaq Composite was up 0.62%.

Meanwhile, the CBOE Volatility Index is little changed on the day at 27.5 points, confirming the cautious mood ahead of the FOMC's monetary policy announcements.

Tech shares continue to push higher

The Technology Index, Tuesday's best-performing major sector, is up 0.85% on the day. On the other hand, the Energy Index is down 2.6% as the top-decliner pressured by 0.8% drop in crude oil prices.

Previewing the FOMC meeting, "the Fed could adopt outcome-based forward guidance linked to specific economic indicators such as the unemployment rate or inflation," said economists at the National Bank of Canada. "Alternatively, it could introduce date-based guidance and announce it does not intend on raising rates before a certain date. An outcome-based framework is the likelier scenario in our opinion.”

Fed Preview: Nine major banks expectations.