U.S. stocks traded in a range Wednesday, as gains in shares of Apple countered declines in Coca-Cola after their earnings reports, ahead of the central bank's decision on monetary policy.
Apple reported earnings that beat on both the top and bottom line, strong current-quarter revenue guidance, and iPhone and iPad shipments above estimates. Shares briefly rose more than 7.5 percent in morning trade and were tracking for their best day since April 2014.
Oil prices fell more than 2 percent after the EIA reported a surprise crude stock build of 1.7 million barrels.
Information technology led advancers while consumer staples led decliners in the S&P 500, which traded within 10 points of its all-time intraday high hit last week.
The Dow Jones industrial average was about 100 points below its all-time intraday high, with Apple and Boeing contributing the most to gains. Coca-Cola traded more than 3 percent lower for the greatest negative impact.
"There's a feeling earnings will be better in the second half ... and also in terms of the economy," said Bruce Bittles, chief investment strategist at Baird. He expects the Fed to take a slightly more hawkish tone in its statement.
The Federal Open Market Committee is scheduled to conclude its two-day meeting with a statement at 2 p.m. ET. The Fed is not expected to raise rates, but the statement will be scrutinized for indications on the timing of the next rate hike.
The U.S. dollar index was mildly higher, with the euro near $1.10 and the yen weaker versus the greenback near 105.6 yen. Overnight, Japanese Prime Minister Shinzo Abe said his government would compile a stimulus package of more than $265 billion to reflate the flagging economy, according to Reuters citing media reports.
The Bank of Japan is set to begin a two-day meeting on Thursday.
Boeing posted a smaller-than-expected loss for the second quarter and cut its full-year forecast, due to previously announced charges from the 787, 747 and KC-46 tanker aircraft programs. Revenue beat estimates, and while Boeing cut its full-year forecast to account for those charges, its forecast is above Street estimates. The quarterly earnings loss was the first in nearly seven years, Reuters said.
Coca-Cola reported earnings that beat on revenue that missed. The beverage maker said international headwinds were more severe than anticipated, and that the macroeconomic environment worsened in the quarter. However, the company did see a 3 percent rise in organic revenue, thanks to better pricing.
Comcast, the NBC Universal and CNBC parent posted earnings that beat on both the top and bottom line, and reported a 3 percent increase in revenue per cable customer over a year ago. The firm also saw good results for its internet and video businesses.
Anthem reported quarterly earnings that beat on both the top and bottom line. The health insurer said it remains committed to completing its planned acquisition of Cigna despite a Justice Department lawsuit aimed at blocking the deal.
In economic news, overall orders for durable goods orders fell 4.0 percent in June. Non-defense capital goods orders excluding aircraft increased 0.2 percent last month, Reuters said.
Pending home sales rose a far less-than-expected 0.2 percent in June.
European stocks were slightly higher, with the STOXX Europe 600 Banks index outperforming with gains of 1.5 percent in morning trade ET.
Asian stocks were mixed, with the Nikkei 225 up 1.7 percent and the Shanghai composite 1.9 percent lower.
By: Evelyn Cheng (CNBC).
Photo 1: Fortune.
Photo 2: Boeing.
Photo 3: CNN.
Photo 3: CNN.
Photo 4: Boston Herald.
Photo 5: Lost Coast Out-Post.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
For The #FacebookTeam
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
For The #FacebookTeam