Wall Street's main indexes rose on Wednesday, regaining some ground lost in the previous session, as investors anticipated an interest rate cut from the Federal Reserve and awaited clues on what policymakers could do in 2025.

The stock market has been frothy even as investors have lowered their expectations for how much further interest rates will go down.

While some analysts see a pause in the Fed's rate cutting cycle, Apollo's chief economist thinks the Fed could shock markets with a rate hike next year.