Techs slump ahead of Fed

NEW YORK (CNNMoney.com) -- The Nasdaq slumped and the broader market was mixed Wednesday morning as investors eyed earnings from Cisco and Walt Disney and geared up for the conclusion of the Federal Reserve policy meeting.

The Dow Jones industrial average (down 5.93 to 13,303.14, Charts) and the broader S&P 500 index (down 2.97 to 1,504.75, Charts) both lost a few points in the early going, while the tech-fueled Nasdaq composite (down 15.04 to 2,556.71, Charts) lost 0.6 percent.

After rising pretty steadily over the last five weeks, stocks stalled out Tuesday, with the Dow ending its attempt to eke out the longest up streak in Wall Street history. Nonetheless, the blue-chip barometer did manage to tie an almost 80-year old record, rising in 24 of 27 sessions.

The advance lifted the S&P 500 to within 18 points of its all-time high from March 2000, while the Nasdaq topped out at a 6-year high.

After such a run, stocks were a little vulnerable, and the Fed meeting gave investors a reason to step back.

Central bank policymakers meeting Wednesday are widely expected to keep a key short-term interest rate unchanged at 5.25 percent, as they have for the last six meetings. But as always, investors will be focused on the accompanying statement and what it says about the economy and the future of Fed rate policy.

In corporate news, two marquee companies reported quarterly earnings after the close Tuesday.

Cisco Systems (down $1.59 to $26.77, Charts, Fortune 500) reported higher quarterly sales and earnings that topped estimates and issued an in-line forecast for the current quarter. But at the end of a strong earnings reporting period, investors were perhaps looking for more. Cisco shares fell 5 percent Wednesday morning.

Walt Disney (Charts, Fortune 500), a Dow component, reported higher quarterly earnings that topped estimates. However, the media leader also said sales increased just 1 percent, missing analysts' expectations. Shares fell 1 percent Wednesday.

U.S. light crude oil for June delivery fell 4 cents to $62.22 a barrel on the New York Mercantile Exchange.

Treasury prices were little changed ahead of the Fed meeting, with the 10-year note yield at 4.63 percent, roughly where it stood late Tuesday.

In currency trading, the dollar slipped against the euro and the yen.