Mumbai, Dec. 31 -- The Dow dipped 94.87 points or 0.2% to 48,367.06, the Nasdaq slipped 55.27 points or 0.2% to 23,419.08 and the S&P 500 edged down 9.50 points or 0.1% to 6,896.24.

Traders showed initial reluctance to make big moves before the Federal Reserve's latest monetary policy meeting minutes were released. Activity stayed subdued afterward, as the minutes highlighted officials' mixed views on interest rates.

Participants expressed a range of views on the restrictiveness of the current policy stance. Most saw further rate cuts as likely if inflation eases as expected, though some favored holding rates steady for a while after December's quarter-point cut. The next meeting is January 27-28, with an 83.9% chance of no change per C...