U.S. markets ended a lacklustre session lower as trade headlines and a spate of corporate earnings weighed on shares ahead of tomorrow’s expected rate cut by the Federal Reserve.

The broader S&P500 index fell less than -0.1%, failing to build on Tuesday’s record close. The Dow Jones Industrial Average fell 20 points, or -0.07%, after rising as much as 75 points earlier in the session. The Nasdaq Composite declined -0.6% as technology stocks stumbled in the wake of Alphabet's disappointing earnings report. Major stock indexes have been largely rangebound the past few months, and observers aren't convinced yet that the range has been broken with the latest move up.