NEW YORK (TheStreet) -- U.S. stock markets opened mixedaahead of the Federal Reserve's October meeting, where it is widely expected the central bank will announce an end to its monthly bond buying. Equity markets traded on Facebook’s disappointing profit outlook and a decision by Fiat Chrysler Automotive Group to spin off part of its Ferrari division in 2015. Oil, meanwhile, could drive trading Wednesday on an inventory report in the U.S. and commentary from top OPEC officials. The S&P 500arosea0.07%, while Nasdaqafella0.27%. The Dow Jones Industrial Averagearosea0.15%. The Federal Open Market Committee will conclude its two-day October meeting Wednesday afternoon, when it could confirm its target for the federal funds rate and monthly bond buying while providing an updated outlook on the U.S. economy. Guidance from the Federal Reserve has indicated an end to stimulus efforts, as do median forecasts of economists polled by Bloomberg. "I don’t see how economic data has changed enough for Janet Yellen to not just taper at this point," said Brad Wilson, vice president of fixed income portfolio management at Boston Private Bank, in a telephone interview on Monday evening. Wilson expects that interest rates will remain low for an extended period, even after the Fed ends its bond-buying program. “It is tough to drive interest rates higher when there is no wage growth,” he said. On Wednesday’s economic calendar, an oil inventory report could also drive stocks. At 10:30 a.m. EDT, the U.S. Department of Energy will announce oil inventories, giving investors a new read on supply concerns that have pushed the price of oil near multi-year lows. Reuters reported that Abdulla El-Badri, secretary general of OPEC, said oil output in 2015 will mirror output levels seen this year. El_Badri also talked down the prospect of a price war among oil producing countries. Nymex West Texas Intermediate Crude was trading higher by 1% at $82.41 early Wednesday, while ICE Brent was higher at $87.16. Oil has tumbled in 2014 amid fears of oversupply. ”We think low energy costs could be a positive for consumers as we enter the holiday season,” Terry Sandven, chief equity strategist at US Bank Wealth Management, said in a telephone interview. Fiat Chrysler Automotive Group shares surged more than 15% in earlyatrading after CEO Sergio Marchionne said the automakeraplans to spin off 10% of its Ferrari sports car business in 2015. Fiat Chrysler shares recently listed on the New York Stock Exchange. Facebook beat Wall Street forecasts for third-quarter earnings, reporting a profit of 43 cents a share on $3.2 billion in revenue. Those earnings slightly exceeded forecasts of 40 cents a share on $3.12 billion in revenue. Facebook shares, however, tumbled over 5% in earlyatrading on Wednesday. Facebook said Tuesday it expects costs to grow by 55% to 75% in 2015 as it ramps up investment in its work force, growing existing products and new areas such as WhatsApp, Oculus and video. Deutsche Bank posted a third-quarter loss of 92 million euros ($116 million) as the bank faced ongoing financial burdens from lawsuits, new regulations and its effort to shed risky past investments. Shares in the conglomerate fell more than 2%. Gilead Sciences reported adjusted earnings in the third quarter of $1.84 a share, topping analysts' forecasts. The HIV and hepatitis C drugmaker posted revenue of $6.04 billion; analysts were expecting $5.88 billion. Gilead said sales of Sovaldi, a hepatitis C drug, were $2.8 billion in the third quarter, below forecasts. Shares in the company were trading 1.30% lower in trading. French drugmaker Sanofi fired its CEO after he warned that pricing pressure on Lantus, a best-selling diabetes treatment in the U.S., would hurt growth into next year. Shares in Sanofi were tumbling more than 6% in earlyatrading. Orbital Sciences , whose unmanned rocket exploded seconds after launch on Tuesday night.aThe rocket was carrying about 5,000 pounds of cargo for NASA and the International Space Station. Orbital Sciences was trading more than 13% lower. Sodastream , Ralph Lauren and Hyatt Hotels were trading lower after reporting third-quarter earnings in the on Wednesday, while Exelon and Phillips 66 were trading higher. Visa and Metlife will report third-quarter earnings after the market close on Wednesday. Visa is expected to earn $2.10 a share for the third quarter, while Metlife is forecast to earn $1.38, according to consensus estimates compiled by Bloomberg. Must Read: Warren Buffett's Top 10 Dividend Stocks -- Written by Antoine Gara in New York Follow @AntoineGara // 0;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); // ]]>
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