U.S. stocks fluctuate narrowly on Veterans Day

U.S. stocks traded mixed around midday Wednesday, the country's Veterans Day, as Wall Street continued to weigh the likelihood of a year-end rate hike by the Federal Reserve.

By noon, the Dow Jones Industrial Average fell 2.78 points, or 0.02 percent, to 17,755.43. The S&P 500 edged up 0.30 point, or 0.01 percent, to 2,082.02. The Nasdaq Composite Index rose 7.64 points, or 0.15 percent, to 5,090.88. Trading volumes are expected to be low as bond markets and banks are closed in observance of Veterans Day.

With no major economic data out Wednesday, investors are still assessing the rising odds of a December rate hike following a strong jobs gain in October.

Many analysts believed that the U.S. central bank will raise interest rates next month, as Yellen said that the Fed may pull the trigger at its December policy meeting if the U.S. economy is performing well.

In corporate news, shares of Macy's slumped over 13 percent around midday Wednesday after the release of the company's disappointing quarterly results. The U.S. retailer also cut its outlook for the full year.

Before the opening bell, Macy's reported earnings per share of 36 cents in the third quarter of 2015, compared with 61 cents per diluted share in the third quarter of 2014.

On Tuesday, U.S. stocks closed mixed after wavering in a tight range, as Wall Street digested U.S. import and export prices amid rate hike concerns. Endit