NEW YORK (TheStreet) -- Major U.S. stock markets were slipping on Wednesday as positive sentiment gave way to nerves ahead of the Federal Reserve's policy announcement.
The Dow Jones Industrial Average (DIA) was dropping 0.33% to 16,855.68. The S&P 500
"Dips continue to be buying, not selling opportunities," Craig Johnson, technical market strategist at Piper Jaffray, wrote in a note. He expects that the rotation toward large-cap stocks will likely continue for a while longer, while noting that the S&P 500 has on average continued to rise after such periods of large-cap outperformance. "At this juncture, the broader market remains in a well-defined uptrend," he added. "With the economy gradually healing, we suspect the market should continue to grind higher over the near-to-intermediate-term and we reiterate our call for 2,000 on the SPX and our year-end 2014 price objective of 2,100."
Twitter shares were surging 21.5% to $46.87 after the company showed that it was able to accelerate user growth in the second quarter. The social media copmany earned 2 cents a share on a non-GAAP basis on $312 million in revenue. Analysts polled by Thomson Reuters had expected Twitter to lose a penny a share on $283.07 million in revenue.