Markets lower ahead of Fed's update

The markets traded lower during the midday with the Dow losing 11 points to 16,796 ahead of the Federal Reserve's policy update. Nasdaq slipped 3 points to 4,333.

On the upside

Shares of ZS Pharma (Nasdaq: ZSPH) leaped on its first trading day.

Viper Energy Partners (Nasdaq: VNOM) stock surged in its market debut.

Wunderlich initiated coverage of MeetMe (Nasdaq: MEET) with a Buy rating.

On the downside

Seeking Alpha contributor The Forensic Accountant wrote that Dominion Resources Black Warrior Trust (NYSE: DOM) was grossly overvalued with a downside potential of over 75%.

NGL Energy Partners (NYSE: NGL) priced its public offering of 8 million common units at the discounted price of $43.85 per unit.

Shares of Parnell Pharmaceuticals (Nasdaq: PARN) fell in its market debut.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 edged up a fraction to 1942. Bitcoin eased $3.59 or 0.60% to $601.00.

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