US stocks erase gains, close flat ahead of Fed’s decision

US stocks erased gains by the close of trading on Sept. 17, as investors awaited the Federal Reserve's interest rate decision due tomorrow, despite the technology sector nearly recovering from the losses incurred on Sept. 16.

Dow Jones Industrial Average remained flat at 41,606 points after approaching a record level earlier in the session.

The S&P 500 index also remained flat at 5,634 points after approaching a record level earlier in the session. Meanwhile, the Nasdaq Composite inched up nearly 0.20%, or 35 points, to 17,628 points.

In Europe, the STOXX Europe 600 rose 0.40% to 517.26 points at close, driven by gains in the banking, automotive, and retail sectors.

Likewise, FTSE 100 gained 0.40% to 8,278 points, DAX 40 advanced 0.50% to 18,730 points, and CAC 40 increased 0.50% to 7,487 points.

In Japan, the Nikkei 225 fell 1%, or 378 points, to 36,203. The broader TOPIX index dropped by 0.60% to 2,555 points.

In the oil market, futures contracts for Brent crude for November delivery rose by 1.6%, or $1.13, to $73.88 per barrel, the highest since Sept. 2.

Meanwhile, prices of West Texas Intermediate (WTI) crude oil for October delivery added 2.1%, or $1.48, to $71.57 per barrel, the highest since the end of August.

As for gold, futures prices for the yellow metal for December delivery retreated 0.60%, or $16.50, to $2,592.40 per ounce after approaching an all-time high on Sept. 16.

Markets are closely watching the Federal Reserve's interest rate decision tomorrow, with FedWatch indicating a 65% probability of a 50 basis point cut and a 35% chance of a 25 basis point cut. However, analysts have cautioned against 'overestimating' the outcome.