The markets opened lower with the Dow losing 40 points to 10,253 as investors await the Federal Reserve's interest rate decision. Nasdaq fell 16 points to 2244.
On the upside
Rite Aid (NYSE: RAD) narrowed first quarter losses as the retail drugstore chain operator cut expenses.
First quarter earnings for CarMax (NYSE: KMX) more than tripled to surpass analyst estimates by a wide margin.
Jabil Circuit (NYSE: JBL) reversed year ago losses to post a better than expected profit for the third quarter as revenue surged and forecast fourth quarter results ahead of estimates.
On the downside
Royal Gold (Nasdaq: RGLD) priced its offering of 5.2 million common shares at $48.50 per share.
Chimera Investment (NYSE: CIM) will offer 100 million common shares to raise approximately $365 million.
Adobe Systems (Nasdaq: ADBE) reported higher second quarter earnings that topped analyst estimates but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 642.
