By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Wall Street is stuck on pause Wednesday as it waits to hear from the Federal Reserve in the afternoon, when it’s expected to deliver the first cut to interest rates of the year .

The S&P 500 was virtually unchanged and was drifting near its record set on Monday . The Dow Jones Industrial Average was up 211 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

Workday helped lead the market with a gain of 6.9% after Elliott Investment Management said it’s built a stake of more than $2 billion in it and supports its management. The company, which helps customers manage their finances and human resources, recently increased its program to send cash to investors through purchases of its stoc

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