New Delhi, May 03 (ANI): Stocks dropped on Wednesday as investors remained concerned about worsening trade relations between the United States and China. The Wall Street initially shot higher after the Federal Reserve decided to hold interest rates steady on Wednesday. But stocks shed their gains as investors remained concerned about worsening trade relations between the United States and China. Electric vehicle maker Tesla shares rose after the bell. It said its production target for its mass market vehicle, the Model 3, remains on track. Pulling up the S and P 500, Apple sold more iPhones in the latest quarter and promised $100 billion in additional stock buybacks. Its results lifted shares of its suppliers such as Cirrus Logic and Skyworks Solutions. Mastercard shares charged ahead. Higher consumer spending on credit and debit cards drove profit and revenue sharply higher. Snap shares sank to an all-time low. A number of analysts slashed their price targets. The owner of the Snapchat app missed estimates for growing its user base. Private employers added more to their payrolls than expected in April, but it was the smallest increase since November. In Europe, materials and consumer cyclicals led a broad based rally that lifted the markets.