FILE - In this Monday, March 17, 2014, file photo, trader Timothy Nick, foreground left, works with colleagues in a booth on the floor of the New York Stock Exchange. Asian stock markets were subdued Wednesday March 19, 2014 ahead of the outcome of the Federal Reserve's first policy meeting under its new chief. (AP Photo/Richard Drew, File)

Stocks slip ahead of Fed decision; Oracle falls

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NEW YORK (AP) -- Stocks are slightly lower in early trading on Wall Street as traders wait for the latest policy decision from the Federal Reserve.

Technology stocks had some of the biggest declines early Wednesday after software maker Oracle reported weaker earnings and revenue than investors were expecting. Home builders rose sharply following a surge in revenue and profits at K.B. Home.

The Standard & Poor's 500 index edged down a point to 1,870.

The Dow Jones industrial average lost 10 points, less than 0.1 percent, to 16,326. The Nasdaq composite fell eight points, or 0.2 percent, to 4,324.

The Fed finishes a two-day policy meeting later Wednesday. Investors will be watching closely to see how quickly the new Fed chief, Janet Yellen, will move to reduce the central bank's stimulus.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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