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U.S. stocks open lower ahead of Fed statement

Xinhua, January 27, 2016 Adjust font size:

U.S. stocks opened lower amid downbeat earnings reports on Wednesday, as investors were awaiting the Federal Reserve's statement due out in the afternoon.

The Federal Open Market Committee began its monetary policy meeting on Tuesday and will release a statement after the conclusion on Wednesday afternoon.

Analysts predicted that the Fed won't take any rate action at this meeting amid oil weakness. However, investors will look into the statement for further clues on the economic environment and the future path of tightening.

On corporate news, after Tuesday's closing bell, Apple Inc. reported lower-than-expected unit sales of its flagship product and gave guidance also below forecasts, though the iPhone maker posted record quarterly revenue of 75.9 billion U.S. dollars for its fiscal 2016 first quarter ended Dec. 26, 2015.

Shares of Apple Inc. tumbled over 5 percent in early trading Wednesday.

Shares of the Boeing Company slumped nearly 10 percent in early trading Wednesday after the aerospace giant's full-year guidance missed market estimates.

Meanwhile, the volatility in oil prices remained in focus. U.S. oil, which has plummeted about 19 percent since the beginning of the year, fell about 2 percent in early trading Wednesday as a surprise rise in U.S. inventories dampened market sentiment.

Shortly after the opening bell, the Dow Jones Industrial Average fell 128.30 points, or 0.79 percent, to 16,038.93. The S&P 500 lost 8.04 points, or 0.42 percent, to 1,895.59. The Nasdaq Composite Index decreased 20.84 points, or 0.46 percent, to 4,546.83.

On Tuesday, U.S. stocks rebounded strongly on oil recovery, as Wall Street closely followed the Fed's two-day policy meeting. Endi