NEW YORK (AP) — The latest on developments in U.S. financial markets:
Stocks are slightly lower at midday as investors look over earnings reports and wait for news from the Federal Reserve.
Pitney Bowes slumped 17 percent Tuesday after its earnings fell short of forecasts, and drugmaker Pfizer fell 2 percent after its own results didn't meet expectations.
The China business of Yum Brands, parent company of KFC and Taco Bell, rose 6 percent on its first day of trading.
The Fed wraps up a two-day policy meeting Wednesday.
The Dow Jones industrial average fell 34 points, or 0.2 percent, to 18,107. The Standard & Poor's 500 index lost 5 points, or 0.3 percent, to 2,120. The Nasdaq composite declined 11 points, or 0.2 percent, to 5,177.