U.S. stocks are retreating in mid-day as investors are cautiously awaiting the results of the two-day FOMC meeting, which began today, and the President’s State of the Union Address tonight.

The Dow Jones Industrial Average is down 27.44 points, or 0.23 percent, while the S&P 500 index is down 3.53 points, or 0.27 percent. The Nasdaq is down 6.56 points, or 0.24 percent.

3M (NYSE: MMM) is down 2.4 percent after posting less than stellar earnings. Johnson & Johnson (NYSE: JNJ) is also down 1.6 percent on mediocre earnings.

Oil and gold futures are falling 1.6 percent and 1.4 percent, respectively.

The 10-year bond is down slightly while oil is down 1.51% and gold is down 1.44 percent.