Futures are red

Futures are red with the stocks of key tech companies that posted mixed earnings results on Tuesday.

Near 8:21 a.m. ET, Dow futures were down 70 points, S&P 500 futures were down 10 points, and Nasdaq futures were down 63 points.

Stocks closed 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 premarket trading, even after the company reported a massive $US49.6 billion in revenues on earnings of $US10.7 billion, or $US1.85 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 4% in premarket 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 $US50 per barrel in New York. Yesterday afternoon, the American Petroleum Institute reported that crude inventories rose by 2.3 million barrels, topping the forecast for 1.9 million.

At 10:00 a.m. ET, the Energy Information Administration will release its numbers.

We finally get some economic data this week with FHFA home prices at 9 a.m. and existing home sales at 10:00 a.m.

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