Stocks on major markets rose slightly from session lows in early afternoon trading yesterday after disappointing earnings from Apple and Twitter late Tuesday, while the US dollar weakened ahead of a policy announcement by the Federal Reserve and oil prices rose to 2016 highs.

Apple shares were down 6.7 per cent after the company reported its first drop in iPhone sales and its first decline in revenue in more than a decade on Tuesday. Twitter tumbled more than 15 per cent after first-quarter revenue lagged expectations.

The Nasdaq’s information technology sector fell 1.4 per cent, with Facebook and Alphabet also lower.

Gains in Boston Scientific, Boeing and Mondelez helped limit the losses with Wall Street stocks mixed ahead of the Fed decision.

“Investors have gotten into a wait-and-see mode ahead of the Fed decision,” said Art Hogan, chief market strategist at Wunderlich Securities in New York.

“Globally, things have gotten much better since the last meeting and I think the market is being too complacent regarding a dovish tone from the Fed.”

European shares edged up on the day, with advances at sportswear group Adidas and British bank Barclays helping shake off a retreat in tech stocks. The pan-European FTSEurofirst 300 index rose 0.27 per cent, while the eurozone’s blue-chip Euro STOXX 50 index advanced 0.29 per cent. A gauge of global equity markets fell 0.15 per cent, with Japan’s Nikkei index and Chinese markets down around 0.4 per cent.

The US dollar fell 0.2 per cent against a basket of currencies as investors waited for a Federal Reserve decision on US interest rates. The Fed was expected to leave interest rates unchanged as it monitors the impact from weakening global growth.

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