Stocks are red
(Flickr/Carrrrrlos) Apple is sliding on weak iPhone sales.
Stocks opened lower with the shares of key tech companies that posted mixed earnings results.
Near 9:33 a.m. ET, the Dow was down 33 points, the S&P 500 was down six points, and the Nasdaq was down 52 points.
Stocks closed lower on Tuesday, retreating from near-record highs. In after-hours trading, Dow futures fell more than 200 points and Nasdaq futures dropped more than 1%, or about 50 points.
Apple shares plunged 6% in early trading, even after the company reported a massive $49.6 billion in revenues on earnings of $10.7 billion, or $1.85 per share. Earnings topped analyst expectations, but iPhone sales were lower than expected.
Microsoft also beat forecasts on profits and revenues, but it saw its largest-ever net loss in the second quarter. Shares fell 2% in early trading.
This morning, Coca-Cola and Boeing reported earnings that beat expectations.
After a rebound on Tuesday, West Texas Intermediate crude oil slid overnight, and it's down 1.5%, approaching $50 per barrel in New York. Yesterday afternoon, the American Petroleum Institute reported that crude inventories rose by 2.3 million barrels last week, topping the forecast for 1.9 million.
At 10:30 a.m. ET, the Energy Information Administration will release its numbers.
The home price index from the Federal Housing Finance Agency rose 0.4%, in line with estimates. Existing home sales numbers are due at 10:00 a.m.
More From Business Insider
