Dow futures sag following Apple slump on earnings
On Wednesday, American stock futures eedged down affected by Apple Inc.’s 8% premarket slump after the largest company by market value reported quite gloomy data.
In the afternoon, the stock market could get a jolt, when the Fed’s latest monetary policy announcement is what most traders are waiting for.
The S&P 500 futures decreased 0.3%, trading at 2,083. The Dow Jones Industrial Average futures descended 0.2% at 17,878. As for the Nasdaq-100 futures, they dipped 1.1% at 4,402.50.
Late on Tuesday, Apple informed its revenue slumped to $1.90 a share in its fiscal second quarter, thus ruining previous forecasts for $2 a share. Many financial experts had expected the high tech giant’s profit of about $51.97 billion.
Tim Cook, the company’s CEO depicted the three-month period as an extremely challenging quarter, which brought a gloomy pause in the company’s growth.
The iPhone maker’s earnings went down and its stocks tumbled, but of course, decreasing growth appeared to be a more serious concern for the company.