U.S. stock indexes rose slightly in early trading Wednesday ahead of the Federal Reserve’s latest economic and interest rate policy update. Restaurant chains and specialty retailers were among the biggest gainers. Technology and financial companies fell. Several packaged food companies also declined. Oil prices were headed higher.
KEEPING SCORE: The Standard & Poor’s 500 index was up less than 1 point to 2,506 as of 10:49 a.m. Eastern Time. The Dow Jones industrial average edged up 7 points to 22,378. The Nasdaq composite lost 4 points, or 0.1 percent, to 6,456. The three indexes hit record highs on Tuesday. The Russell 2000 index of smaller-company stocks was up 1 point to 1,441.
FED WATCH: At the end of its two-day meeting on Wednesday, the Federal Reserve was widely expected to announce it will begin to reduce its enormous bond portfolio, which stands at $4.5 trillion. That will gradually increase long-term borrowing rates. After leaving its benchmark rate at a record low for seven years after the 2008 crisis, the Fed has modestly raised it four times since December 2015 to a still-low range of 1 percent to 1.25 percent.
TECH SLIDE: Technology companies declined. Apple fell $2.18, or 1.4 percent, to $156.55. Western Digital slid $4.69, or 5.2 percent, to $85.23.
BEYOND DISAPPOINTED: Shares in Bed Bath and Beyond plunged 15.5 percent after the home goods retailer reported that its latest quarterly sales at stores open at least a year, a key metric for retailers, fell short of analysts’ forecasts. The stock lost $4.20 to $22.83.