Market Flash:Market Down

Breakfast Bites: Equities trading in the red for a second day in a row as a blowout quarter by Apple can’t overcome some weaker results in the manufacturing, telecommunications and drug sectors. Traders are cautious this morning as all eyes today are on the central bank who is expected to provide a clearer window into official thinking on monetary policy and signal interest rates will be held near zero until early 2014.

  • Mortgage applications in the U.S. fell by 5.0% last week as borrowing costs climbed from a record low

  • Pending Sales of U.S. existing Homes declined 3.5% in December, more than projected after a 7.3% gain the prior month

  • Germany backs the ECB in rejecting IMF call for losses on Greek debt

  •  The Federal Reserve is set to issue its latest policy statement at 12:30pm today followed by chairman Ben Bernanke’s news conference at 2:15pm. The Fed is widely expected to keep monetary policy unchanged with forecasts expected to show interest rates will be near zero.