US stocks finish lower
Apple results disappoint
Fed stands pat on rates
Facebook to report
US stocks finished mixed on the day after an expected 'hold' from the Fed on interest rates and as Facebook (NASDAQ:FB.) is about to post quarterly earnings.
The Dow Jones finished up over 8 at 20,957. The Nasdaq is down 22 at 6,072, while the S&P500 shed over 3 to stand at 2,288.
In Toronto, the TSX index closed around 76 lower at 15,543.
Shares in Mark Zuckerberg's brainchild Facebook are trailing slightly after hours, down 0.34% to $151.29 as it is about ot report it earnings after another day of corporate reports.
A notable gainer was Yum! Brands, Inc (NYSE: YUM), which added 2.88% to $68.25 as it posted upbeat results for its first quarter on Wednesday, which beat analysts' expectations.
MID-SESSION
As expected the US Fed held rates as they are and markets didn't move much either.
The Dow Jones eased 14 at 20,935, while the tech heavy Nasdaq index shed 34 at 6,061. The S&P500 is down almost seven points at 2,384.
The Central bank said the weak first quarter growth numbers had been a temporary glitch and the aim was still to raise the cost of borrowing gradually.
In company news, Twilio Inc (NYSE:TWLO) shares sank over 26% to $25.08 as it shocked Wall Street, when it reduced its second quarter adjusted EPS (earnings per share) and full year 2017 guidance.
10.20am..Wall Street shares start lower...
Wall Street shares started lower on Wednesday ahead of a Fed interest rate decision.
It comes despite the ADP payroll report showing private employers added 177,000 jobs in April, which was slightly above economists' expectations.
The Dow Jones is down 27 at 20,922, the S&P500 is down 5.26 at 2,385, while the tech heavy Nasdaq is down 30 at 6,065.
In Toronto, the TSX Composite Index is down 3.36 points at 15,616.
Earnings are once again featuring strongly and the biggest loser on S&P500 is Akamai Technologies (NYSE: AKAM), which fell over 15% to stand at $52.79 each.
It came after the internet infrastructure group forecast current-quarter revenue, which would miss expectations.
It reportedly sees adjusted earnings of 60 cents compared to consensus estimates of 65 cents.
The Fed is expected to leave policy untouched today. Here's what to watch for https://t.co/IZ28HbHDB7 pic.twitter.com/9d7YddJj88
— Bloomberg (@business) May 3, 2017
US PREVIEW..
US stocks are poised to turn lower at the open after a positive finish yesterday and as Apple (NASDAQ:AAPL) results disappointed.
The tech giant ( the most valuable firm in the world) has shares down a tad in the pre-open - 0.62% but still above $147 - after it revealed a dip in sales of its sacred cash cow - the iPhone.
In the three months to April 1, the group sold 50.76mln of the smart handsets, down from 51.19mln in the same period of last year. Analysts had expected sales of 52.27mln.
In terms of its cash reserves it has $256.8bn at the end of the most recent quarter, or as one news organisation put it, around $34.24 for every human on the planet.
On Wall Street on Tuesday , the benchmark Dow Jones closed up 36 at 20,949. The Nasdaq gained 3.76% to 6,095, while the broader S&P500 added 2.84 to finish at 2,391.
In futures today, the Dow is down 10, the S&P500 is almost three points lower, and the Nasdaq is down 14 points.
Later today, traders will keen to hear the latest monetary policy decision from the Fed, and the consensus is there will not be a rate rise, but the questions is will there be one at the next get together in June?
The closely watched ADP employment report for April is also due - the precursor to the non-farm payroll data, which will, as usual, come on Friday.
Earnings season will also continue, with Estee Lauder (NYSE: EL), Groupon (NYSE: GRPN), Yum! Brands (NYSE: YUM) and Time Warner (NYSE: TWX) due before the bell.
Social media behemoth Facebook (NASDAQ:FB) is coming after the close.