The Nasdaq pushed higher into record territory while the Dow tumbled early Wednesday ahead of a Federal Reserve policy announcement.

About 20 minutes into trading, the tech-rich Nasdaq Composite Index, which has finished at all-time highs the last two days, was at 10,046.58, up 0.5 percent.

But the Dow Jones Industrial Average shed 0.6 percent to 27,097.11, while the broad-based S&P 500 fell 0.3 percent to 3,198.73.

Amazon, Apple, Facebook and Microsoft closed at new all-time highs on Tuesday, when the tech-heavy Nasdaq Composite hit a new record with rising above 10,000 for the first time.

Facebook, Apple and Amazon all surged more than 3 percent Tuesday while Microsoft rose about 0.8 percent.

The four tech giants continues up but slightly in the first half hour into the opening-bell.

The Fed is widely expected to maintain its current policy of keeping interest rates low and providing maximum liquidity to markets in the wake of coronavirus shutdowns.

The event will mark Fed Chair Jerome Powell's first public comments since Friday's surprisingly good jobs report. Powell has warned of long-term risk to the U.S. economy if Washington fails provide enough support.

Meanwhile, U.S. inflation edge down again in May, but at a slower rate than the month prior as price drops moderated in some sectors, the Labor Department said Wednesday.

Among individual companies, Starbucks lost 4.2 percent after estimating that the disruption in business due to COVID-19 would cost it up to 2.2 billion U.S. dollars in operating income in its fiscal third quarter.

Movie theater chain AMC reported a first-quarter loss of 2.2 billion U.S. dollars, but the company rose 5.3 percent after saying it expects to reopen most U.S. and British theaters in July.

(With input from AFP)