Major US stock indexes fell moderately, the reason for which was the outcome of the Fed meeting. At the same time, the market was supported by Apple's quarterly results (AAPL) and ADP employment report, which leveled out disappointing data on activity in the manufacturing sector from ISM, as well as the fall in oil prices after the publication of weekly statistics on changes in oil reserves in the US.

The Fed leaders decided to keep the federal funds rate in the range of 2.25% -2.5%, indicating that in the first quarter some key indicators of economic activity slowed down. The executives also noted that core inflation is below the Fed's target level of 2%, which could be a worrying situation if it persists. Leaders expressed satisfaction with their waiting policy, which was held before this week’s meeting. They did not give up their earlier promise to remain patient with regard to future adjustments to the federal funds rate in the coming months.

Apple shares rose 5.60% after the company announced quarterly results that exceeded expectations. The tech giant's revenue forecast for the next quarter also turned out to be better than expected. The company also announced a new stock repurchase program of $ 75 billion and increased dividends by 5%.

A report submitted by ADP showed that employment in the US private sector jumped in April much more than expected. According to the report, employment in the private sector increased by 275,000 jobs in April, after rising by 151,000 jobs in March. Economists had expected employment to increase by about 180,000 jobs, compared with the addition of 129,000 jobs originally reported in the previous month.

Data from the Institute of Supply Management (ISM) indicated that in April, activity in the US manufacturing sector had deteriorated markedly, and was lower than economists' forecasts. The PMI index for the manufacturing sector fell in April to 52.8 points from 55.3 points in March. The latter value was the lowest since November 2016. Analysts had expected the indicator to drop to only 55.0 points.

Most of the components of DOW finished trading in the red (24 out of 30). The outsider was DowDuPont Inc. (DWDP; -2.68%). The leader of growth were shares of Apple Inc. (AAPL; + 5.60%).

Almost all sectors of the S & P recorded a decline. The largest decline was in the raw materials sector (-1.4%). Only the consumer goods sector grew (+ 0.3%).

At the time of closing:

Dow 26,430.14 -162.77 -0.61%

S & P 500 2,923.73 -22.10 -0.75%

Nasdaq 100 8,049.64 -45.75 -0.57%

U.S. stock-index futuresеs rose on Wednesday, as investors digested quarterly results from Apple (AAPL) while awaiting the latest policy decision from the Fed.

Global Stocks:

(company / ticker / price / change ($/%) / volume)

McDonald's (MCD) downgraded to Neutral from Buy at Longbow

Advanced Micro (AMD) reported Q1 FY 2019 earnings of $0.06 per share (versus $0.11 in Q1 FY 2018), in line with analysts’ consensus.

The company’s quarterly revenues amounted to $1.272 bln (-22.8% y/y), beating analysts’ consensus estimate of $1.257 bln.

The company also issues in-line guidance for Q2, projecting revenues of $1.47-1.57 bln versus analysts’ consensus estimate of $1.52 bln.

AMD rose to $29.05 (+5.14%) in pre-market trading.

Apple (AAPL) reported Q2 FY 2019 earnings of $2.46 per share (versus $2.73 in Q2 FY 2018), beating analysts’ consensus estimate of $2.36.

The company’s quarterly revenues amounted to $58.015 bln (-5.1% y/y), beating analysts’ consensus estimate of $57.396 bln.

The company also issued upside guidance for Q3, projecting revenues of $52.5-54.5 bln versus analysts’ consensus estimate of $52.09 bln.

AAPL rose to $212.39 (+5.84%) in pre-market trading.