NEW YORK (CNN/Money) - Stocks fell early Wednesday as investors took in a brokerage's reduced profit forecast for tech leader Intel one day after the Federal Reserve Board kept interest rates intact, but set the stage for future rate cuts.

At 9:36 a.m. ET, the Nasdaq composite index fell 22.17 to 1,858.70. The Dow Jones industrial average lost 64.28 to 10,570.97. The Standard & Poor's 500 index was 7.83 lower at 1,162.46.

Salomon Smith Barney cut second-quarter earnings per share and revenue estimates on Intel (INTC: down $1.32 to $30.40, Research, Estimates), saying that it expects the chipmaker to see a modest seasonal decline. The firm kept its "buy" rating and $45 price target in place.

On Tuesday, the Federal Reserve Board opted to leave the overnight bank lending rate steady at 1.75 percent, but changed its stance on the economy to neutral, saying that the risks for economic weakness and inflation were evenly balanced. Many economists see this as the first step towards a campaign of raising rates, a process they see starting possible as early as May.

New home construction was much stronger than expected in February, proving to be a continuing point of strength for the economy. February housing starts rose 2.8 percent to an annual rate of 1.77 million, the government reported, up from a revised 1.72 million rate in January and better than the 1.63 million rate economists surveyed by Briefing.com were expecting.

On Wednesday, Compaq Computer (CPQ: down $0.27 to $10.87, Research, Estimates) voters will cast their votes on the proposed merger with Hewlett-Packard (HWP: down $0.28 to $18.52, Research, Estimates). At the conclusion of HP voting on Tuesday, CEO Carly Fiorina said that there were enough votes to gain approval, while Walter Hewlett, a dissenter, said it was still too close to call.

Treasurys were little changed, with the ten-year note yield at 5.29 percent.

European markets were lower at midday on weakness in financials, while Asian markets closed lower. The dollar was little changed versus the euro and was weaker against the yen. Brent crude oil futures rose one cent to $24.92 a barrel.