Stocks held lower late Wednesday morning after the world's largest company, Apple (AAPL) - Get Report  , posted disappointing sales for its recent quarter.

The S&P 500 was down 0.3%, the Dow Jones Industrial Average fell 0.24%, and the Nasdaq slid 1%.

Apple tumbled 6% Wednesday, pulling the Dow down about 50 points and into negative territory, after reporting its first year-on-year sales decline in 13 years. The tech giant reported a 13% decline in revenue in its second quarter to $50.5 billion, below estimates of $52 million, as iPhone sales fell to 51.2 million. Apple forecast current-quarter revenue no higher than $43 billion, below consensus of $47.4 billion.

"While we continue to view Apple through a long-term lens, we acknowledge that the undercurrents of event-driven trading are likely to prevail in the interim," wrote Jim Cramer and Jack Mohr of the Action Alerts PLUS portfolio, which owns Apple.

Twitter (TWTR) - Get Report also was sharply lower after quarterly sales came up short and second-quarter forecasts looked weaker than expected. The social network generated sales of $594.5 million in its first quarter, 36% higher than a year earlier but below consensus of $608 million. Twitter said it expects current-quarter revenue no higher than $610 million, far from estimates of $677 million.

"Twitter's track record of disappointment leaves little room for error and zero room for forgiveness," wrote Cramer and Mohr of the Action Alerts PLUS portfolio, which also owns Twitter. "The fact that management seems incapable of even meeting the lower end of prior forecasts suggests they are out of touch with demand for their own product."

The U.S. Federal Reserve's Federal Open Market Committee will end a two-day meeting on Wednesday afternoon with an announcement on benchmark interest rates. While the chances of an interest rate hike are slim, investors will be keen to gauge how willing members are to move at the next meeting in June.

"This month will not have a press conference, nor will there be any Q&A; for that we will have to wait until June 15th," said James Stanley, currency analyst at DailyFX. "There aren't even really any decisions that are expected to be made as pretty much every economist on Earth is expecting the Federal Reserve to stand pat at this April meeting... The big question is how close the Fed might be to hiking rates in June."

The U.S. trade deficit narrowed to $56.9 billion in March, the Department of Commerce said on Wednesday. Analysts expected the deficit to narrow at a slower pace to $62.6 billion from $62.9 billion in February.

Pending home sales reached a 10-month high in March, jumping 1.4% to 110.5, according to the National Association of Realtors' Pending Home Sales Index. Analysts had expected 0.7% growth. March's growth marked its second monthly increase and was a positive sign of momentum for the critical spring buying season. 

Comcast (CMCSA) - Get Report  was slightly higher after besting analysts' estimates in its first quarter. The media conglomerate added 53,000 video customers, reversing a drop of 8,000 in the year-ago quarter. Adjusted profit of 84 cents a share beat expectations by a nickel, while revenue rose 5.3% and topped forecasts.

Comcast was quiet on reports out Wednesday morning of interest in DreamWorks Animation (DWA) . The movie studio house jumped 16% after The Wall Street Journal reported Comcast could pay more than $3 billion in an acquisition. 

Boeing (BA) - Get Report reported lower first-quarter profit after delivering fewer commercial jets at the beginning of the year. The aerospace company previously said it would deliver no more than 745 commercial jets this year, down from a record-setting 762 delivered in 2015. Boeing delivered 176 commercial jets in the first quarter, a 4.3% decline from a year earlier.

Chipotle (CMG) - Get Report fell 6% after reporting a double-digit decline in revenue and same-restaurant sales. The burrito chain said same-restaurant sales fell nearly 30%, while revenue slid 23.4% in its first quarter as it continued to suffer the fallout from a food safety scandal.

eBay (EBAY) - Get Report added 5% after topping first-quarter estimates on its top- and bottom-lines. The auction site earned an adjusted 47 cents a share in its recent quarter, 3 cents above estimates. Revenue of $2.1 billion was a nudge higher than consensus of $2.08 billion.

Buffalo Wild Wings (BWLD) sank 13% after issuing soft guidance for its full year. The wings restaurant chain expects adjusted profit between $5.65 and $5.85 a share for its fiscal year, below estimates of $6.10.

AT&T (T) - Get Report posted adjusted earnings of 72 cents a share in the first quarter, exceeding analysts' expectations of 69 cents. Tge telecom reported a 24% jump in consolidated revenue jumped 24%. AT&T said it added 2.3 million North American wireless net subscribers during the period. Results were boosted by its acquisition of DirecTV last year, the company said.