By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks fluctuated in early trade on Wednesday as investors digested a barrage of mixed economic data and waited for the outcome of the two-day Federal Open Market Committee meeting.

The benchmark S&P 500 and the Dow Jones Industrial Average are on track to finish April roughly where they started it, while Nasdaq Composite is set to record a steep loss.

Ahead of the opening bell, the GDP number came in much weaker than expected, while private-sector jobs growth topped estimates. Chicago business gauge also jumped in April to the fastest pace in six months.

The S&P 500 (SPX) was 5 points, or 0.3%, lower at 1,875.80 and on track to notch a 0.8% gain for the month.

The Dow Jones Industrial Average (DJI) was 8 points lower at 16,527.80, set to finish April with a 1% gain.

The Nasdaq Composite (RIXF) fell 29 points, or 0.7%, to 4,081.46. The selloff of biotech and Internet stocks will leave the index 2% lower for the month.

Follow MarketWatch's live blog of today's stock-market action.

In economic news, growth in the U.S. economy nearly ground to a halt in the first quarter, a bout of weakness spurred by one of the worst winters in years. Gross domestic product rose at an annual rate of just 0.1% from January through the end of March, the weakest performance in three years, according to a preliminary estimate by the Commerce Department. Economists surveyed by MarketWatch had forecast growth to slow to a seasonally adjusted 1% from a 2.6% clip in the final three months of 2013.

Private-sector hiring picked up in April, with employers adding the most jobs in five months, according to data released Wednesday morning.

Chicago PMI rebounded in April to the fastest pace in six months, according to the Chicago business barometer released Wednesday.

The results of the Fed's latest policy-setting meeting, in which the central bank is once again expected to reduce its bond-buying purchases, will be released at 2 p.m. Eastern time. Read: Here's what to expect from Fed meeting

Twitter, eBay weigh on Nasdaq

Twitter (TWTR) shares are down 12% after the microblogging company beat revenue forecasts, but disappointed with its average monthly users tally for end-March. Read a recap of Twitter's earnings call with analysts.

EBay (EBAY) shares fell 6%, after its first-quarter earnings topped expectations but its outlook was viewed as lackluster.

Shares of Panera Bread Co. (PNRA) fell 6.7% after the company's second-quarter outlook fell short of Wall Street estimates.

Ahead of the bell, WellPoint Inc. (WLP) reported adjusted first-quarter earnings above expectations with EPS coming in at $2.30, compared with estimates of $2.10.

Time Warner Inc. (TWX)reported a higher profit, saying blockbuster hit "The Lego Movie" helped the company get off to a "strong start" for 2014.

Shares of Pepco Holdings Inc. (POM) surged 17% to $26.77 after Exelon Corp. (EXC) said it would buy the utility firm in an all-cash deal for $27.25 a share, valuing the company at about $6.83 billion.

Energizer (ENR) shares jumped 17% after the firm said it would split into two companies, one focused on household products and the other on personal care. The split is expected to be completed in 2015.

In overseas markets, European stocks dipped after inflation rose to 0.7% in April, but missed forecasts. In Asia, the Hong Kong Hang Seng Index fell 1.4% on disappointing bank earnings as a May 1 holiday looms.

Russian stocks were lower after the International Monetary Fund cut its economic growth forecast for the country and said it is in recession.

Crude-oil (CLM4) prices were under pressure, down $1.20, or 1.2%, to $100.09 a barrel. Gold was also lower, and the dollar was largely firmer, though it pulled back against the euro (EURUSD) after euro-zone inflation data.

More must-reads from MarketWatch:

Crashy Marc Faber: It's too late to buy U.S. stocks now

Why traders are watching the Russell 2000 and the small-cap index's ETF this week

Bill Gross on 'erotic' sneezes and a lower long-term policy rate

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Exelon (NYSE:EXC)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Exelon Charts.
Exelon (NYSE:EXC)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Exelon Charts.