US open: Stocks mixed ahead of FOMC, Apple drags

Investors are sitting on their hands ahead of the US central's bank's eagerly-awaited policy meeting.

Against that backdrop, as of 1551 BST the Dow Jones Industrials Average was up by 0.01% or 1.59 points at 22,372.34, alongside a dip of barely 0.04% or 0.95 points to 2,505.52 for the S&P 500.

The Nasdaq Composite on the other hand was off by 0.35% or 22.32 points to 6,438.89, as shares of Apple came under selling pressure.

From a sector standpoint, the best performing areas of the market are: Aluminum (3.66%), Non-ferrous metals 92.48%), Gambling (2.03%), Iron & Steel (1.73%) and Airlines (1.46%).

Following two days of deliberations, at 2000 BST the Federal Open Market Committee was widely expected to announce the start of tapering its quantitative asset purchases.

It was less clear on the other hand to what extent rate-setters would mark down their forecasts for rate hikes over the medium-term contained in their so-called 'dot-plot' projections.

For analysts at Barclays Research, the key aspect would be to what extent they believed recent weaker-than-expected core PCE readings were persistent as opposed to transitory.

In July, the rate of gains in the core price deflator for personal consumption expenditures retreated to a 1.4% year-on-year pace, down from 1.5% in the month before and a print of 1.9% at the start of 2017.

Also on the economic front, in August existing US home sales dropped by 1.7% on the month to reach an annualised pace of 5.35m (consensus: 5.45m), according to the National Association of Realtors.

In corporate news, Apple was a drag on the main indices as reports surfaced of connectivity problems with its new Apple Watch Series 3.

Going the other way, Pfizer was a top-gainer after analysts at Morgan Stanley upgraded their recommendation on the stock from 'neutral' to 'overweight'.

American Outdoor Brands was higher as well following reports late on Tuesday that President Trump will ease rules on gun exports.

Retailer Bed Bath & Beyond tanked nearly 14% after its earnings late on Tuesday missed analysts' expectations. The company said same-store sales declined 2.6% in the second quarter, versus expectations of a 0.7% drop, while sales of $2.9bn fell short of estimates of $3bn.

Elsewhere, FedEx was also in focus after its earnings late on Tuesday also disappointed, with the company cutting its profit forecast for the year as it took a hit from a cyber attack.

Dow Jones - Risers

Pfizer Inc. (PFE) $35.87 1.18%
McDonald's Corp. (MCD) $159.26 1.17%
Boeing Co. (BA) $254.80 0.93%
International Business Machines Corp. (IBM) $145.37 0.68%
Home Depot Inc. (HD) $158.62 0.61%
Verizon Communications Inc. (VZ) $49.62 0.57%
Cisco Systems Inc. (CSCO) $32.67 0.54%
JP Morgan Chase & Co. (JPM) $94.42 0.51%
General Electric Co. (GE) $24.32 0.50%
Exxon Mobil Corp. (XOM) $80.59 0.46%

Dow Jones - Fallers

Apple Inc. (AAPL) $154.22 -2.84%
3M Co. (MMM) $210.16 -1.59%
Johnson & Johnson (JNJ) $133.10 -1.57%
Intel Corp. (INTC) $36.92 -0.83%
Microsoft Corp. (MSFT) $74.92 -0.69%
Caterpillar Inc. (CAT) $124.53 -0.17%
Merck & Co. Inc. (MRK) $65.88 -0.11%
United Technologies Corp. (UTX) $113.53 -0.11%
Coca-Cola Co. (KO) $45.97 -0.02%
E.I. du Pont de Nemours and Co. (DD) $83.93 0.00%

S&P 500 - Risers

Diamond Offshore Drilling Inc. (DO) $13.83 4.22%
Alcoa Corporation (AA) $47.76 3.38%
Transocean Ltd. (RIG) $9.64 3.10%
W.W. Grainger Inc. (GWW) $175.88 3.08%
TEGNA Inc (TGNA) $12.74 2.95%
Helmerich & Payne Inc. (HP) $50.41 2.75%
Roper Technologies Inc (ROP) $244.99 2.68%
Marathon Oil Corp. (MRO) $12.32 2.67%
American Airlines Group (AAL) $45.47 2.44%
Devon Energy Corp. (DVN) $34.55 2.31%

S&P 500 - Fallers

Bed Bath & Beyond Inc. (BBBY) $23.14 -14.39%
Western Digital Corp. (WDC) $85.42 -5.00%
General Mills Inc. (GIS) $52.62 -4.98%
L Brands Inc (LB) $37.37 -4.74%
Adobe Systems Inc. (ADBE) $150.15 -4.12%
Qorvo, Inc. (QRVO) $71.71 -3.51%
First Solar Inc. (FSLR) $47.15 -3.50%
Broadcom Limited (AVGO) $242.18 -3.03%
Skyworks Solutions Inc. (SWKS) $104.73 -2.96%
Apple Inc. (AAPL) $154.22 -2.84%

Nasdaq 100 - Risers

American Airlines Group (AAL) $45.47 2.44%
Dish Network Corp. (DISH) $54.66 2.40%
Liberty Interactive Corporation QVC Group (QVCA) $23.05 1.77%
Mercadolibre Inc. (MELI) $294.57 1.59%
CSX Corp. (CSX) $52.56 1.51%
Ctrip.Com International Ltd. Ads (CTRP) $53.71 1.30%
Dentsply International Inc. (XRAY) $58.60 1.30%
Fastenal Co. (FAST) $44.75 1.24%
O'Reilly Automotive Inc. (ORLY) $205.41 1.23%
Mylan Inc. (MYL) $31.36 1.23%

Nasdaq 100 - Fallers

Western Digital Corp. (WDC) $85.42 -5.00%
Adobe Systems Inc. (ADBE) $150.15 -4.12%
Broadcom Limited (AVGO) $242.18 -3.03%
Skyworks Solutions Inc. (SWKS) $104.73 -2.96%
Apple Inc. (AAPL) $154.22 -2.84%
Lam Research Corp. (LRCX) $172.67 -2.51%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $54.16 -2.34%
Microchip Technology Inc. (MCHP) $88.97 -2.21%
Maxim Integrated Products Inc. (MXIM) $46.26 -1.91%
T-Mobile Us, Inc. (TMUS) $64.21 -1.86%