Flat open as Fed meets

The markets opened flat with the Dow easing 2 points to 24,097 as the Federal Reserve holds its two-day policy meeting. Nasdaq rose 8 points to 7138.

On the upside

Shutterfly (Nasdaq: SFLY) narrowed first quarter losses more than expected as revenue rose.

Lumentum (Nasdaq: LITE) swung to a greater than expected profit for the third quarter as revenue rose.

HC2 Holdings (NYSE: HCHC) subsidiary BeneVir Biopharma will be acquired by Janssen Biotech.

On the downside

Snap (NYSE: SNAP) disappointed with a greater than expected loss for the third quarter as revenue and user growth fell short of estimates.

Yum China Holdings (NYSE: YUMC) reported higher first quarter earnings and revenue but Pizza Hut revenue dropped.

First quarter earnings for Unum Group (NYSE: UNM) missed expectations.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 held steady at 2,654. Bitcoin added $9 to $9,087.

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