New Delhi, July 29 -- US stock benchmarks pulled back on Wednesday as rebounding crude oil prices spooked Wall Street while traders braced for the Federal Reserve's upcoming interest rate announcement.

As of 10:30 a.m. Eastern Time, the S&P 500 sank 0.7%. The Dow Jones Industrial Average was down 1.4%, and the Nasdaq Composite was 1% lower.

At the open, the Dow Jones Industrial Average fell 73.1 points, or 0.14%, to 52674.21. The S&P 500 fell 10.6 points, or 0.14%, to 7418.16​, while the Nasdaq Composite dropped 13.4 points, or 0.05%, to 24863.48.

Market attention remains locked on the central bank's two-day policy gathering. Market participants broadly anticipate a rate hike, which would mark the Fed's first monetary tightening ...