Opening snapshot
The dollar remained subdued as investors digested the Federal Reserve's statement along with a mixed bag of results before the bell this morning.
As expected the Fed held rates steady, but left investors guessing at future guidance on monetary policy.
The Dow Jones Industrial Average opened 63 points lower at 18,408.
The top winner was Travelers Company Inc (NYSE:TRV) up half a percentage point to 117.
The biggest loser was Boeing Co (NYSE:BA) down almost 2% to 133. Yesterday the aircraft builder reported the first loss in seven years.
Shares in Ford Motor (NYSE:F) dipped 8% after the car-maker reported a 9% drop in profits for the second quarter.
Whole Foods (NASDAQ:WFM) shares fell 6% following a downbeat outlook yesterday.
Nasdaq was flat on yesterday's close at 5,140.
A US$2bn quarterly profit managed to push Facebook (NASDAQ:FB) shares 3% higher.
Later today, Facebook's rival Alphabet (NASDAQ:GOOG) and online retailer Amazon (NASDAQ:AMZN) are due to release results.
Preview at 9.29am
US shares were set for a quiet start as investors mulled the Fed’s latest comments, Apple’s startling gain yesterday and Oracle’s bid for NetSuite.
Spread bet firms see the Dow Jones Industrial Average opening around thirty points lower at 18,472 as an interest rate rise now seems possible in September.
Last night, the US central bank indicated that risks to the economy had diminished, which some Fed watchers suggested meant action may be soon.
Rob Carnell, Chief International Economist at ING, said that the last time the Fed had remarked risks were diminishing was last October – the meeting before it hiked rates for the first time in a decade.
Elsewhere, the 6.5% rise in Apple’s (NASDAQ:APPL) share price Tuesday was generating plenty of attention as it was the second largest daily rise in the iPhone maker’s history.
The surge was sparked by better than expected quarterly results and hopes the iPhone may start to pick up again.
Pre-open earnings news was disappointing, with Ford (NYSE:F) and ConocoPhillips underwhelming their supporters though Facebook (NASDAQ:FB) was going well after it beat market forecasts.
Oracle(NYSE:ORCL), meanwhile, agreed to acquire business software group NetSuite (NYSE:N) for US$9.3bn or US$109 per share.