U.S. shares fluctuated near a four-week high, while Treasuries and the dollar were little changed as investors turned cautious before the Federal Reserve renders its decision on interest rates.

Futures traders see only a 30 percent chance that policy makers will raise rates on Thursday at the same time 54 of 113 economists surveyed by Bloomberg predict some kind of increase. Investors have dialed back expectations for higher rates since China devalued its currency last month, sparking a sell-off in global markets.

The Standard & Poor’s 500 Index rose 0.1 percent at 12:27 a.m. in New York and the Stoxx Europe 600 Index slipped 0.2 percent. Both gauges have closed higher in each of the past two days.

The S&P 500 gained 2.7 percent in the five days through Wednesday, its biggest rally leading up to a rate decision since August 2012.

Reports on Thursday showed that while new-home construction in the U.S. fell in August, jobless claims declined to a two-month low last week, highlighting a resilient labor market.

Source: Bloomberg