Stock exchange traded funds opened higher Wednesday following blowout earnings from tech giant Apple (NasdaqGS: AAPL), but the afternoon Federal Reserve announcement should set the pace for the rest of the session.

The central bank will release its statement on interest rates in the economy in the afternoon following the two-day meeting. Fed chief Ben Bernanke will also hold a press conference.

The tech sector was outperforming Wednesday after Apple reported total revenue growth of 59%, more than 80% growth in iPhone shipments and 150% year-over-year growth in iPad shipments. [QQQ Leads Dow, S&P on Apple Earnings]

Apple shares recovered some of their recent losses on the strong quarterly earnings report, but stock ETFs could be volatile Wednesday as investors react to the Fed.

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