U.S. stock-index futures pointed to a lower open as disappointing results from Apple, Microsoft Yahoo! rippled through technology stocks.
S&P 500 futures were last down 0.4 percent to 2,105.75, while those for the Dow Jones Industrial Average fell by 0.3 percent to 17,806. Nasdaq-100 futures dropped by 1.2 percent to 4,609.75.
Apple (NASDAQ:AAPL) and Microsoft’s stocks tumbled 7.1 percent and 3.5 percent, respectively, in premarket action. Apple’s sales outlook for the current quarter missed expectations late yesterday, while Microsoft posted its biggest quarterly loss ever on a write-down tied to its Nokia purchase.
U.S. stocks fell yesterday. The Dow lost 1 percent to 17919.29 and the S&P 500 slipped 0.4 percent to 2119.21. The Nasdaq Composite lost 0.2 percent to 5208.12, snapping a three-session winning streak.
MOVERS:
Apple (NASDAQ:AAPL) posted a 38 percent surge in profit and said it sold 35 percent more iPhones in the fiscal third quarter compared with a year earlier. But Apple’s iPhone sales missed some analysts’ estimates and the company indicated its revenue in the current quarter could come in below Wall Street forecasts.
Microsoft (NASDAQ:MSFT) reported a $3.2 billion quarterly loss in its fiscal fourth quarter on Tuesday afternoon, its biggest quarterly loss ever.
Yahoo (NASDAQ:YHOO) was down 2.6 percent after it forecast lower-than-expected revenue for the current quarter as it struggles to revive its core online advertising business.
GoPro (NASDAQ:GPRO) rose 0.8 percent after the action camera maker reported a better-than-expected quarterly profit and forecast current-quarter revenue above market estimates, helped by strong sales in Asia.
Coca-Cola (NYSE:KO) slid 1.1 percent in premarket trades even as the beverage giant said profit jumped 20 percent in its second quarter on higher volume. Results topped expectations.
Boeing (NYSE:BA) rose 1.9 percent after quarterly results.
Thoratec (NASDAQ:THOR) jumped 9.4 percent after St. Jude Medical said it plans to buy the heart-device maker for $3.4 billion.
AT&T (NYSE:T) slid 1.4 percent while DirecTV (NASDAQ:DTV) inched up 0.2 percent after a Wall Street Journal report that regulators are poised to approve their $49 billion merger deal.
DATA:
Home prices rose a seasonally adjusted 0.4 percent in May, the Federal Housing Finance Agency said today. Compared to May 2014, prices were up 5.7 percent, said FHFA, which tracks deals involving mortgages backed by Fannie Mae and Freddie Mac.
A reading on existing-home sales for June is expected at 10 a.m. Economists polled by MarketWatch forecast a level of 5.42 million.
COMMODITIES:
Spot gold was down 1.1 percent at $1,088.78 an ounce, while U.S. gold futures for August delivery were down $15.50 an ounce at $1,088.00.
U.S. crude traded down 64 cents at $50.22, 1.2 percent lower than the previous session's settlement.
OTHER MARKETS:
European stocks lost ground after the prior day’s retreat by Wall Street and as disappointing earnings weighed, while Asian equities closed mostly lower.