Ahead of the Fed, Bulls Trying to Escape the Red

After a late-day slide yesterday, which erased an advance and took the major equity markets below the flatline, stocks are nearly unchanged in cautious early action ahead the afternoon release of the Federal Reserve's interest rate announcement and monetary policy statement. The earnings front is providing some news for traders to chew on as they wait for the Fed's announcement, with Dow members Boeing and United Technologies both topping the Street's estimates, while fellow Dow component Caterpillar missed on the top line, which is overshadowing its better-than-expected bottomline. Outside of the Dow, Yahoo posted profits that exceeded analysts' forecasts. Treasuries are flat in morning action ahead the Fed's report and after mortgage applications fell. New home sales will be released just after the opening bell. Overseas, markets are under pressure amid lingering concerns about China's efforts to control asset bubbles.