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 * Apple shares slumped 6.2 percent to $122.61 in premarket trading,
a day after the iPhone maker's revenue forecast for the fourth
quarter fell below expectations.
* Disappointing earnings from other technology giants such as
Microsoft and Yahoo also added to losses.
* Microsoft fell 3.9 percent to $45.45 after reporting its biggest
quarterly loss, as the company wrote down its Nokia phone business
and demand fell for its Windows operating system.
* Yahoo <YHOO.O> was down 2.2 percent at $38.85 after it forecast
lower-than-expected revenue for the current quarter as it struggles
to revive its core online advertising business.
* U.S. stocks had closed lower on Tuesday as results from IBM and
United Technologies dampened early optimism over earnings season.
* While markets are near record highs, June-quarter earnings of S&P
500 companies are expected to dip 1.9 percent, according to Thomson
Reuters data, well below the 5.9 percent gain forecast on Jan. 1.
* Adding to the weakness, commodities resumed their downward spiral
with gold and oil prices under pressure.
* Dow components Coca Cola <KO.N> and Boeing are scheduled to report
before the bell and American Express <AXP.N> results are expected
after the close.
* Data expected on Wednesday includes existing home sales data. Home
sales, which reached a 5-1/2-year high in May, are expected to have
risen 1.2 percent at an annual rate of 5.40 million units in June.
The data is expected at 10 a.m. ET (1400 GMT).
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* GoPro rose 2.9 percent to $63.90 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.
Futures snapshot at 7:16 a.m. ET:
* S&P 500 e-minis <ESc1> were down 8.75 points, or 0.41 percent,
with 92,578 contracts traded.
* Nasdaq 100 e-minis were down 54 points, or 1.16 percent, on volume
of 18,672 contracts.
* Dow e-minis were down 71 points, or 0.4 percent, with 9,709
contracts changing hands.
(Editing by Don Sebastian)
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