Stocks reverse lower, give up post-FOMC gains

Apple up strong after earnings with more big reports on tap after the bell. Plus, big earnings coming up: Tesla, Spotify, Square. And, another setback for Southwest. Plus, we test drove Tesla’s Model 3. Does it live up to the hype? Catch The Final Round at 3:55 ET p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.

Winners and losers

Stocks in the red include Molson Coors Brewing. Shares slide as the company cites industry softness in the U.S. beer business as one of the factors in its Q1 sales drop Yum! Brands posts weaker-than-expected same-store sales growth as a chicken shortage in the UK dragged down sales for KFC in the first quarter and Gilead shares tumble down 5%, as the biopharmaceutical company’s hepatitis C drug sales slump.

Stocks in the green include Shutterfly, shares hit an all time high after a healthy first quarter and positive commentary from some Wall Street firms, Garmin as the maker of GPS devices is riding high on product line expansion. The company tracked its best one-day gain since November and MasterCard getting a bump with higher-than-expected profit and revenue for the first quarter due to increased consumer spending and confidence.