Wall Street's main indexes were mixed in choppy trading on Friday, as inflation concerns and uncertainty around U.S. involvement in the Iran-Israel war offset relief over President Donald Trump holding back from any immediate action.

The headline event for the day will likely arrive at 2 p.m. Eastern, when the Federal Reserve is set to announce its latest move on interest rates. The nearly unanimous expectation is that it will hold rates steady, as it’s been doing for all of this year after cutting through the end of 2024.

U.S. stocks drifted to a mixed finish after the Federal Reserve indicated it may cut interest rates twice this year, though it's far from certain about that.