NEW YORK (AP) -- Stocks are slightly lower at midday as investors wait for an update from the Federal Reserve.
The Dow Jones industrial average was down 50 points, or 0.3 percent, at 15,479 at noon Eastern time Wednesday.
The Standard & Poor's 500 index was down four points, or 0.2 percent, at 1,700. The Nasdaq composite was down seven points, or 0.2 percent, at 3,738.
The Fed is expected to announce a slowdown of its economic stimulus program after it winds up a two-day policy meeting later Wednesday.
FedEx rose $3.25 or 3 percent, to $113.93 after reporting earnings and revenue that beat analysts' estimates.
Five Below fell $3.11, or 6 percent, after the discount store chain said its largest shareholder and its executive chairman would sell a total of 7 million shares.
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