NEW YORK (AP) -- Stocks are edging lower in early trading on Wall Street as investors hold back ahead of a policy announcement from the Federal Reserve.

The Dow Jones industrial average was down 17 points, or 0.1 percent, at 15,301 in the first few minutes of trading Wednesday.

The Standard & Poor's 500 index was down two points, or 0.2 percent, at 1,649. Telecommunications stocks fell the most in index.

The Nasdaq composite index edged down three points, or 0.1 percent, to 3,478.

The Fed is winding up a two-day policy meeting. Traders hope the bank will clarify when it plans to slow down its bond-buying program.

Sprint Nextel fell 3.3 percent to $7.08 after Dish Network said it would not submit a new bid to take over the wireless carrier.