OPENING BELL: Losses for tech and materials companies send US stocks lower
NEW YORK — U.S. stocks are down Wednesday morning as losses for Apple and other technology companies pull major indexes lower. Materials and health care companies are also slumping. The Federal Reserve is having a policy meeting, although investors don't expect it to raise interest rates.
KEEPING SCORE: The Standard & Poor's 500 index slipped 7 points, or 0.3 percent, to 2,383 as of 10:12 a.m. Eastern time. The Dow Jones industrial average lost 42 points, or 0.2 percent, to 20,907. The Nasdaq composite sank 35 points, or 0.6 percent, to 6,060. The Russell 2000 index, which tracks smaller companies, declined 9 points, or 0.7 percent, to 1,390.
APPLE ON HOLD: Apple dipped after its first-quarter iPhone sales and projections for the current quarter weren't quite as good as analysts hoped. Apple stagnated in late 2015 and for much of 2016 as iPhone sales slowed down and then fell for the first time. Apple's stock and it sales have rallied in recent months. Apple is up 25 percent this year and recently set all-time highs. The rally was interrupted Wednesday as the stock slipped $2.17, or 1.5 percent, to $145.34.
Other technology companies that traded lower after releasing earnings included cloud services provider Akamai Technologies and Automatic Data Processing. Akamai gave up $9.24, or 14.8 percent, to $53.26 and payroll and human resources company ADP lost $5.80, or 5.6 percent, to $98.21 after it said it didn't book as much new business.