U.S. equities and stock exchange traded funds slipped Wednesday ahead of the Federal Reserve announcement as the materials sector dragged on markets and falling Apple (NasdaqGS: AAPL) weighed on the technology sector.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.30% lower Wednesday.
The materials sector was among the worst performing areas of the market, falling 1.2% in the S&P 500, on a plunge in copper prices due to a double whammy of rising inventories and concerns over slowing Chinese demand, the Wall Street Journal reports.
Apple shares also weakened and dragged on major indices, with the Nasdaq Composite pulling back form recent records after the company revealed an increase in profit but weak demand for its iPhone. Company shares surged to records earlier this year on hopes that policy changes, like corporate tax cuts and repatriation holidays, would bolster growth in technology space.