Dow, Nasdaq set to open lower as Fed's policy statement looms

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Nasdaq down 0.22%, Dow down 0.17%, S&P flat, Dow down 0.22%.

The Dow and Nasdaq were scheduled to open lower on Wednesday with a mixed bag of earnings from large technology companies and downbeat Boeing reports, while investors hoped that the Federal Reserve would stick to its promise of keeping monetary policy loose.

Microsoft Corp surpassed quarterly expectations and met profits estimates, but its shares fell to premarket trading on skepticism over one-off advantages included in the results and high hopes after a year-long rally.

Alibaba Holding jumped 5.1% in reporting a record profit for the second consecutive quarter and a $50 Billion share buyback, but warned a surge in usage and ad sales during the pandemic could slow as people resume in-person activities.

Meanwhile, the U.S. central bank's policy statement is expected to largely follow the in December model when the Fed said it would not change monetary policy until there had been substantial further progress in meeting its minimum employment and 2% inflation goals. The statement is due at 2 p.m. EDT.

Investors will get what they are expecting, which is the continued continual dovish comments by the Fed, said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland.

If there is any change from this stand, it will be a big deal for the market, but that is unlikely.

The benchmark 10-year Treasury yield was raised in three weeks to its highest in over a week.

At 8: 17 a.m. Dow e-minis were down 76 points or 0.22%, Nasdaq 100 e-minis were up 0.25 points, or 0.01%, and Dow e-minis were down 24 points, or 0.17%.

The tech-heavy Nasdaq on Monday completed a full recovery from its 11% correction, which began in February largely supported by a rise in megacap stocks and eroding inflation fears.

BoeingBoeing Co fell 1.6% after the quarterly loss was larger than expected, even as it reported an improvement in aircraft deliveries as its 737 MAX jets were returned on line.

Biotech Amgen Inc. (BMO) fell 4.0% in the first quarter of 2019 due to a 7% decrease in net drug prices and a hit from the COVID 19 pandemic.

Some of the top U.S. companies, including Exxon Mobil Corp and Caterpillar Inc., are reporting first-quarter earnings this week.

Later in the day, AppleApple Inc is expected to report a rise in first quarter revenue while FacebookFacebook Inc is expected to post a major 32% increase in second quarter revenue. Shares of Apple have risen 2.2%, while Facebook added 0.1%.

S&P 500 earnings per share were projected to jump 35% from a year earlier, which would be the biggest surge since the fourth quarter of 2010 according to Refinitiv IBES data.

President Joe Biden is expected to unveil a sweeping $1.8 trillion package for families and education in his first joint speech to congress, senior White House officials say. When would be the worst possible scenario by you and yours, imagine if you are a white child.

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