The authors present a quantum analysis of four-wave mixing in a non-resonant nonlinear medium inside a cavity which is driven by two driving fields. In this process a nonlinear medium couples two pump modes with a signal mode of the frequency equal to the half-sum of the two pump field frequencies. Three types of stable steady-state solutions of the deterministic problem, describing three regimes of oscillation, are found: one below threshold and two different above-threshold regimes. The spectra of fluctuations of the quadrature-phase amplitudes for all three modes are calculated. It is found that in the above-threshold regime each of three modes may display a squeezed noise reduction. Below threshold a squeezing is realized for the central mode.