Early indications are that Wall Street could get off to a negative start on Wednesday as focus shifts to the extremely important Fed decision. Laziness could characterize trading ahead of the Fed’s decision as the market debates a number of possibilities for the central bank’s interest rate move, although most are expecting a 25 basis point hike.

Notes from Tuesday’s trading:

Stocks rallied beyond the gates on Tuesday as a recovery in regional banks gave the market a boost. The major indices opened significantly higher and made a consolidation move, with buying interest continuing to mount in late afternoon trading.

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The Nasdaq Composite settled at the highest level in more than a month, while the S&P 500 Index and the Dow Industrials raced to its highest level since early March.

Most sectors performed positively led by energy, technology, communications, financials, consumer discretionary and utilities. On the other hand, defensive sectors such as real estate, utilities and consumer staples declined somewhat.

Analyst Color:

Wharton Professor Jeremy Siegel expects the shares to sell off for a short time after the announcement of the Fed’s decision and the publication of the summary of economic forecasts. He’s expecting them scatter plot Curve, a graphical representation of FOMC members’ forecast of future interest rate developments, which must be interpreted as hawkish as the Fed may not have time to revise expectations based on recent bank failures.

“[Jerome] Powell is then likely to downplay expectations for future rate hikes at the press conference and bring relief to the markets,” he said.

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