U.S. Stocks Slip on Apple’s Dismal Quarter; Boeing Reports Mixed Q1

Apple's (AAPL) - Get Report disappointing quarterly results pushed the broader indexes lower on Wednesday. An 18 percent drop in iPhone sales prompted the company to post its first quarterly decline in revenue since 2003. 'The problem is, this stock has become so iconic for growth investors, that even a break after 51 quarters of continuous growth is taken very badly,' said Michael Ingram, a market analyst with BGC Partners based in London. Meanwhile, Boeing (BA) - Get Report posted first quarter earnings of $1.74 a share, missing estimates of $1.82 a share. Revenue of $22.6 billion beat forecasts of $21.44 billion. Yahoo! (YHOO) said it will add four new board members in a deal with activist investor Starboard Value. The company is weighing a sale of its core web business. Finally, investors are gearing up for the Federal Reserve's April statement. While economists don't expect the central bank to announce a hike to short-term interest rates, they will be watching for the Fed's language on the state of the economy and possible clues on the timing of a future rate hike. TheStreet's Scott Gamm reports from Wall Street.