The Dow Jones Industrial Average fell less than 0.1% in morning action, as the S&P 500 dropped 0.4%. The tech-focused Nasdaq composite declined 0.3% after the opening bell.

Early Wednesday, the 10-year Treasury yield ticked lower to 4.66%. Further, oil prices dropped as West Texas Intermediate futures traded around $80.80 a barrel.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.3%, as the SPDR S&P 500 ETF (SPY) lost 0.4%.

Stock Market Today: Fed Meeting

The Federal Reserve's two-day meeting concludes Wednesday, with an interest rate decision at 2 p.m. ET. Fed chief Powell is set to speak at 2:30 p.m. ET. The Fed meeting statement and Powell's comments Wednesday afternoon are expected to offer signals on when rate cuts could take place, depending on economic data.

In other economic news, ADP said early Wednesday that private employers added 192,000 jobs in April, above the 175,000 Econoday estimate.

Amazon reported first-quarter earnings and sales that exceeded expectations, helped by strong growth for its cloud-computing and advertising businesses. Amazon shares rallied 3% in morning trading.

AMD matched Wall Street's earnings target for the first quarter but sales were a tad light. Its sales outlook for the current quarter was roughly in line with estimates. AMD stock sank 6.7% Wednesday morning.

Super Micro beat estimates for earnings in its fiscal third quarter but sales came in light. However, its outlook for the current period was well above views. Super Micro stock plunged 15% Wednesday.