S&P 500 closes flat on Wednesday as investors assess the Fed’s next move, Russia-Ukraine risk; European markets close mixed as Russia-Ukraine concerns linger; Ericsson down 14% 
The S&P 500 closed flat after volatile trading Wednesday as investors surveyed the latest update from the Federal Reserve and the status of Russia’s military build-up near Ukraine. 
The benchmark index inched up less than 0.1%. The Dow Jones Industrial Average closed about 50 points lower. The blue-chip index was down more than 300 points at its lows. The Nasdaq Composite ticked down 0.1%. 
Federal Reserve officials set plans into motion at their most recent meeting to begin raising interest rates and shed the trillions of dollars in bonds on the central bank balance sheet, according to minutes released Wednesday. 
Some officials at the meeting expressed concerns over financial stability, saying that loose monetary policy could be posing a substantial risk. 
They indicated that interest rate hikes likely are on the way soon, and they said the unwind of the bond portfolio could be aggressive. 
ViacomCBS was the biggest loser in the S&P 500 on Wednesday, with shares falling more than 17% after the company said it is rebranding itself as Paramount Global to focus on streaming. The company also reported lower-than-expected quarterly earnings. 
Facebook parent Meta Platforms shares fell 2% after the tech giant reportedly rolled out a new set of corporate values in its latest attempt to manage its demoralized employees. 

The pan-European Stoxx 600 index provisionally ended 0.05% higher, with most sectors pointing in opposite directions. Oil and gas stocks led the gains, up 1.5%, while telecoms stocks slipped 1.2%. 
Ericsson shares were trading 14% lower after the Swedish telecoms giant announced that an internal investigation had found serious compliance breaches at its business in Iraq. 
Among the top performers on Wednesday, shares of Swedish tobacco company Swedish Match gained 3.8% after the firm posted record full-year sales and operating profit with double-digit growth in both revenues and earnings. 
Umicore shares gained 5% after the Belgian chemicals and metals recycling company posted an 81% jump in earnings for 2021 and optimistic guidance for 2022. 
Source: CNBC, Investing.com