Wall Street has been on a record-setting run due to continued expectations for low rates, coupled with upbeat corporate earnings and strong economic data
Dow Jones industrial average was up 0.5%, S&P 500 was up 0.44%
Oil prices fell nearly 3% as China ramped up exports of refined products
Traders are pricing in a 43.1% chance of a rate hike this December, according to CME Group's FedWatch Tool
While traders have almost completely ruled out a hike in September, they have priced in a 41.7% chance for a move in December
Cisco fell 1.6% to $30.62 after it laid off about 14,000 employees or 20% of its global workforce
Dow Jones industrial average was down 44.21 points, or 0.24%
The extension would give banks more time to exit fund investments that are difficult to sell
The weak data could also discourage the Federal Reserve from raising interest rates this year
New Zealand shares were among the early winners in Asia
Oil prices reversed course to trade slightly higher in choppy trading on Wednesday.
Oil edged above $45 on estimates of a drop in US inventories and speculation of producer action to freeze output
Inflation running below Fed's 2% target and weak GDP growth amid global uncertainty could deter central bank from pulling the trigger in the near term
However, a lot hinges on the more comprehensive monthly jobs data, which is expected on Friday
Biogen was the biggest drag on the S&P 500 and the Nasdaq after falling 4.4% to $315.60
Shares of automakers Ford and General Motors fell nearly 3% after they reported a drop in deliveries to US market in July
The Fed said that the US economy had expanded at a moderate rate and the near-term risks to its outlook had diminished
Shares of Apple soared 7.4% and the stock boosted all three major indexes
Investors are also awaiting earnings from key companies such as Apple and Twitter
Investors are now pinning their hopes on an improvement in corporate earnings to justify the market's valuation