Markets were up a bit this morning, but are now down with the Dow -12 or so.

The Market

Boeing (BA) reported earnings this morning and said that its top priority this year is fixing the battery problems that grounded its 787 Dreamliner. Boeing earned $978 million, or $1.28 per share. That’s down 30 percent from a profit of $1.39 billion, or $1.84 per share, a year earlier, which included a big tax benefit of 52 cents per share. Profit topped the $1.18 to $1.19 per share expected by analysts. Revenue rose 14 percent to $22.3 billion, which was inline with analyst estimates.

Boeing Co. also predicted 2013 earnings of $5 to $5.20 per share, with revenue of $82 billion to $85 billion. The outlook assumes “no significant financial impact” from the 787 being out of service. Analysts had been expecting a 2013 profit of $5.17 per share on revenue of $88.13 billion.

The Federal Reserve’s Open Market Committee will today release a statement upon the conclusion of its latest meeting, which investors will scrutinize for clues about when the central bank’s bond-buying program will end.

The national average price of gasoline is up 3 cents to $3.394 per gallon.

Earnings Reports

Earnings reports (estimates): QCOM-Qualcom $1.12), COP-ConoccoPhillips (1.42), FB-Facebook (0.15), BA-Boeing (1.18), LVS-Las Vegas Sands (0.60), SO-Southern (0.40), PSX-Phillips (1.69), MPC-Marathon Petroleum (2.10), HES-Hess Corp (1.21), NOC-Northrop Grumman (1.74), AVB-Avalonbay (0.73), AMP-Ameriprise Financial (1.47), CTXS-Citrix Systems (0.84), ROK-Rockwell Automation (1.26), MUR-Murphy Oil (1.36), ADT-ADT Corp (0.42), WEC-Wisconsin Energy (0.41), TNDX-Yandex (0.28), SLG-SL Green Realty (0.21), NXPI-NXP Semiconductor, LLL-L-3 Communications (2.12), TSCO-Tractor Supply (1.03).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +7.0% with purchase sub-index +2.5% and refi sub-index +7.7%.

0815 ET Jan ADP employment change expected +165,000, Dec +215,000.

0830 ET Q4 GDP expected +1.1% q/q annualized, Q3 +3.1% q/q annualized. Q4 price index expected +1.5%, Q3 +2.7%. Q4 core PCE expected +1.0%, Q3 +1.1%. Q4 personal consumption expected +2.1%, Q3 +1.6%.

1030 ET DOE Weekly Petroleum Status Report.

1300 ET Treasury auction of $29 billion in 7-year T-notes.

1415 ET FOMC releases post-meeting statement after 2-day policy meeting. No Bernanke press conference.