The major market indexes faded to session lows in late morning trade Wednesday, as Apple (AAPL) fell below a recent buy point and another major support level. Meanwhile, investors are looking ahead to this afternoon's Fed policy decision. The central bank will release its decision at 2 p.m ET. The Fed is not expected to raise interest rates. Instead, it is believed that it will announce the unwinding of its $4.5 trillion debt portfolio.
The tech-heavy Nasdaq fell 0.4%, while the Dow Jones industrial average was back to unchanged. Meanwhile, the S&P 500 dipped 0.1%.
X Among the Dow industrials, Pfizer (PFE) set the pace, rising 1.3%. The drugmaker was upgraded to overweight at Morgan Stanley.
On the downside, Apple fell nearly 3% to 154.18, below its 156.75 flat-base buy point and undercut its 50-day moving average.
Tesla (TSLA) nearly 1% in the stock market today as looks to test its 370.10 cup-with-handle entry. The stock was downgraded Tuesday, causing shares to fall 2.6% — just one day after reaching a record high.
Among companies reporting earnings, FedEx (FDX) rose 2.3% despite missing fiscal Q1 estimates and cutting its full-year outlook late Tuesday. The stock is approaching an entry as it continues to etch a flat base with a 220.09 buy point.
Meanwhile, Adobe Systems (ADBE) dropped 4% after reporting mixed guidance late Tuesday. Shares remain well-extended from a 111.19 flat-base entry, but are testing their 50-day line.
Finally, General Mills (GIS) plunged over 5% after missing fiscal-Q1 earnings and sales target early Wednesday. The cereal maker has been stuck in a downtrend since July 2016, falling over 20% from its highs during that period and is now at fresh 2017 lows.
Western Digital (WDC) declined 4.9% after Toshiba reportedly decided to sell its memory chip unit to a group headed by Bain Capital. Shares had been sketching a cup-with-handle pattern with a 92.24 buy point. Today's action brings the stock back below its 50-day line.
Leading stock Electronic Arts (EA) advanced 0.1% after being started at buy by Buckingham with a 143 price target — a 19% premium to Tuesday's closing price. Shares have been trending above a 116.14 buy point since a July 26 breakout, but progress has been muted. Shares were trading near the top of a 5% buy range that tops out at 121.95.
Within the IBD 50, China-based YY (YY) rose 0.4% after trading up 3% earlier. The stock is extended after a solid rebound from support at the end of August. It is also in the sixth week of a possible cup base.
On the downside, leading chip stock Applied Materials (AMAT) declined 2%, falling back below a recent cup-with-handle breakout buy point.
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