U.S. equities were mixed at midday as the market remained on hold.

Investors are awaiting this week’s Federal Reserve meeting , where policymakers are expected to begin cutting interest rates. The Dow was up and traded at an all-time intraday high. The S&P 500 and Nasdaq fell.

Intel ( INTC ) shares gained following a report the biggest semiconductor maker struck a $3.5 billion deal with the Pentagon to make chips for the U.S. military . Shares of Alcoa ( AA ) rose as the aluminum giant announced it was selling off its 25.1% stake in its joint venture with Saudi Arabia Mining Company, known as Ma’aden, in a deal valued at $1.1 billion.

Trimble ( TRMB ) shares advanced after the software provider sold its global transportation telematics business units to transportation technology firm Platform Science. Trimble will receive a 32.5% stake in the newly expanded global Platform Science business and get a seat on the board.

Apple ( AAPL ) shares dropped on reports that demand for its new iPhone 16 is lower than expected . The news sent shares of Qorvo ( QRVO ) and other suppliers of Apple chips down as well. Shares of another semiconductor firm, Micron Technology ( MU ), fell after Morgan Stanley warned that the memory-chip market is oversupplied.

Walgreens Boots Alliance ( WBA ) shares declined. The biggest U.S. pharmacy chain agreed to pay $106.8 million over government claims it billed federal healthcare programs for prescriptions that were never filled.

Oil futures rose. Gold prices were little changed. The yield on the 10-year Treasury note dipped. The U.S. dollar lost ground to the pound and yen. Most major cryptocurrencies traded lower.