NEW YORK (CNNMoney)
With worries of another spring swoon on the mind, investors began May by taking a step back. The Dow Jones industrial average fell 0.4% Wednesday morning, while the S&P 500 slipped 0.3% and the Nasdaq declined 0.1%.
Fears of a pullback have been growing, as stocks have been on a tear for the past several months. The S&P 500 closed April at a record high, the Nasdaq finished at its highest level in more than 12 years, and the Dow ended just a hair below its all-time high. But those milestones have been reached amid a still-fragile economy.
Investors are waiting for the Federal Reserve's policy-making committee to wrap up its two-day meeting for any signs as to how long it will continue its aggressive monetary policies. The market is widely expecting the central bank will continue its bond buying program to keep supporting the U.S. economy.
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Investors will also look to a handful of economic reports that come ahead of the government's monthly jobs data due Friday.
Payroll processor ADP published its monthly data on private-sector jobs, showing that only 119,000 jobs were added in April, below forecasts.
Also, the Fed will release data on construction spending at 10 a.m. ET.
In corporate news, CNNMoney parent Time Warner (TWX, Fortune 500) reported a dip in first quarter sales but a jump in profit, propelled by "The Hobbit: An Unexpected Journey," a box office hit surpassing $1 billion.
Genworth Financial's (GNW, Fortune 500) stock price surged after the company said that its quarterly profit more than doubled.
Comcast (CMCSA) reported an increase in profit and revenue, which the company attributed to the success of video and high-speed internet subscriptions.
Shares of MasterCard (MA, Fortune 500) slipped, despite the credit card company reporting a quarterly increase in sales and profit.
Facebook (FB) is on deck to report earnings in the afternoon.
Apple's (AAPL, Fortune 500) stock price edged down, a day after rising more than 3% ahead of it record $17 billion bond sale.
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Most European markets are closed for a holiday, but the U.K. remains open and its benchmark index, the FTSE 100, is pushing ahead with some modest gains.
"Today will likely be fairly quiet as it seems like most of Asia and much of Europe are on holiday," said Deutsche Bank analyst Jim Reid, in a note to investors.
In Asia, Japan's Nikkei declined 0.4%.
Exchanges in Hong Kong and Shanghai were closed. The Chinese government reported disappointing manufacturing numbers for the month of April, with purchasing managers indicating a slowdown in growth. 
First Published: May 1, 2013: 9:49 AM ET
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