U.S. stock futures slumped Wednesday, hurt by Apple Inc.'s 7% premarket drop after the largest company by market value delivered quarterly results that disappointed investors.
The stock market could get a jolt in the afternoon, when the Federal Reserve's latest policy announcement is due.
Apple(AAPL) late Tuesday said profit fell to $1.90 a share in its fiscal second quarter, missing Wall Street's forecasts for $2 a share, as quarterly revenue declined for the first time in 13 years, dropping 13% to $50.55 billion. Analysts polled by Thomson Reuters had expected revenue of $51.97 billion. CEO Tim Cook described the three-month period as "a challenging quarter," representing a "pause in our growth".
The iPhone maker's earnings dropped and its shares have slumped, "but of greater concern was their comment that they see a notable slowing down in growth," said Nour Al-Hammoury, chief market strategist at ADS Securities, in a note.