Stocks little changed ahead of Fed update

Associated Press + More

NEW YORK (AP) — Stocks are little changed in early trading as investors wait for an update from the Federal Reserve.

The Dow Jones industrial average was down 25 points, or 0.2 percent, at 15,504 after the first few minutes of trading Wednesday.

The Standard & Poor's 500 index was nearly unchanged at 1,704 points. The Nasdaq composite was up five points, or 0.1 percent, at 3,750.

The Fed is expected to announce a slowdown of its economic stimulus program after it winds up a two-day policy meeting later Wednesday.

FedEx rose $3.25 or 3 percent, to $113.93 after reporting earnings and revenue that beat analysts' estimates.

Adobe rose $3.54, or 7 percent, to $51.67 after announcing higher revenue than investors expected and a sharp increase in its subscription business.

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