Stocks Opened Little Changed, FedEx Posted Higher Profit

U.S. stocks began near unchanged on Wednesday, with investors hesitant to make big moves before the monetary- policy decision from the Federal Reserve later in the session. The Dow Jones Industrial Average lately was down
38.80 points, or 0.25%, at 15,279.43. The S&P 500 index fell 4.21 points, or 0.25%, to 1,647.60. The Nasdaq Composite was down 4.31 points, or 0.12%, at 3,477.87.

FedEx Corp posted a bigger than expected quarterly profit as its ground shipment business did well, and the company saw benefits from lower jet fuel prices. FedEx reported net income of $303 million, or 95 cents a share,
for the fourth quarter ended May 31, compared with $550 million, or $1.73 a share, a year earlier.

Sony Corp’s top investor Daniel Loeb will miss its shareholder meeting on Thursday and those attending will not be considering his proposal to partially spin off the lucrative entertainment business, sources familiar with the
matter said.

The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of automatic spending cuts enacted this year, according to a
GOP senator.