US stocks traded in a narrow range on Tuesday as investors stayed cautious ahead of the Federal Reserve’s interest rate decision, expected later this week, with market focus firmly on future policy cues.The S&P 500 was flat in early trade, coming off only its second loss in the last 11 sessions, while the Dow Jones Industrial Average edged up 95 points. The Nasdaq composite slipped 0.3 per cent, AP reported. Markets have remained near record levels on expectations that the Fed may cut rates for the third time this year to counter a weakening jobs outlook, even as inflation stays above the central bank’s 2 per cent target.Stock-specific action drove intraday moves. Nvidia rose about 1 per cent after US President Donald Trump said the company would be allowed to sell its H200 artificial intelligence chip to “approved customers” in China, with similar permissions being finalised for AMD and Intel. CVS Health jumped 2.7 per cent after raising most of its forecasts for the rest of 2025 and issuing a strong outlook for fiscal 2026, while Home Depot fell 1.8 per cent after reaffirming its 2025 guidance and flagging a weaker preliminary outlook for 2026. Toll Brothers and AutoZone slipped after posting results below market expectations.Global markets were mixed. In Europe, Germany’s DAX rose 0.3 per cent, while France’s CAC 40 fell 0.7 per cent and the UK’s FTSE 100 was flat. Asian markets closed mostly lower, with Hong Kong’s Hang Seng dropping 1.3 per cent and China’s Shanghai Composite shedding 0.4 per cent, as investors awaited signals from China’s Central Economic Work Conference. India’s Sensex declined 0.5 per cent.In commodities, US benchmark crude oil slipped 13 cents to $59.01 per barrel, while Brent crude fell 14 cents to $62.63 per barrel. Treasury yields were largely steady as investors awaited clues from the Fed on whether further rate cuts could follow in 2026.