Here are 10 things you should know for Wednesday, Jan. 27:
1. -- U.S. stock futures were pointing to losses for Wall Street on Wednesday ahead of an interest rates decision from the Federal Reserve.
European stocks traded lower amid a number of disappointing earnings reports.
Chinese stocks fell on Wednesday while other Asian markets finished the session with gains.
Oil prices early Wednesday were sliding. In electronic trading, U.S. crude oil declined 3.4% to $30.37 a barrel.
2. -- The economic calendar in the U.S. on Wednesday includes New Home Sales for December at 10 a.m. EST, Crude Inventories for the week ended Jan. 23 at 10:30 a.m., and the rates decision from the Federal Open Market Committee at 2 p.m.
3. -- U.S. stocks on Tuesday climbed as a rebound in crude oil dictated market direction again.
The S&P 500 gained 1.3%, the Dow Jones Industrial Average added 1.6%, or 281 points, and the Nasdaq gained 1.2%. The S&P 500 remains in correction territory, though, having fallen 12% from its 52-week high.
4. -- Apple (AAPL) posted earnings of $3.28 a share for the quarter ended Dec. 26, beating analysts' estimates of $3.23, but the tech giant saw growth in iPhone shipments slow.
Revenue of $75.9 billion came in slightly under forecasts of $76.6 billion.
In the fiscal first quarter, Apple shipped 74.8 million iPhone units, falling short of projections of 75.5 million.
Shipments of IPad and Mac came in at 16.1 million and 5.3 million, respectively.
"Our team delivered Apple's biggest quarter ever, thanks to the world's most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV," said CEO Tim Cook.
Looking ahead, the company expects to generate revenue of between $50 billion to $53 billion during its fiscal second quarter, compared with estimates of $55.5 billion.
Apple projected gross margin of between 39% and 39.5%, compared with analysts' forecasts of 39.97%.
The stock was down 3.5% in premarket trading on Wednesday.
Apple is a holding in Jim Cramer's Action Alerts PLUScharitable trust portfolio.
"While investors may be disappointed with the initial 2Q guidance, we'll absorb details of the company's call before we make any judgments," wrote Cramer and Jack Mohr, research director of Action Alerts PLUS." As for the iPhone, units sold came in almost exactly in line with what was expected given that Cook previously had mentioned that they would not be down year over year. Ultimately, we believe that expectations have been reset for the year and the company is set up to outperform given the many catalysts (China, new iPhone upgrade program, new phone models) throughout the balance of this year and in the future."
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5. -- AT&T (T) reported fourth-quarter profit of 65 cents a share, a swing from a year-earlier loss of 77 cents when the company booked $10 billion in accounting charges. Adjusted earnings in the quarter were 63 cents a share, matching Wall Street forecasts.
Revenue rose 22% to $42.1 billion, bolstered by its acquisition of DirecTV, but came in below analysts' forecasts.
AT&T said it added 526,000 postpaid, or core, customers, compared with 854,000 in the fourth quarter of 2014. It said "churn," or the customer turnover rate, was down.
6. -- United Continental Holdings (UAL) said Tuesday that two investment firms raised their stakes in the airline to engage it on issues ranging from board composition to capital structure and enhancing shareholder value, Reuters reported.
United said Altimeter Capital Management increased its ownership to 3.1%, while PAR Investment Partners had taken a 2.4% stake. The companies have had smaller stakes in United for months and have already engaged the airline on such issues, filings said, Reuters reported.
7. -- VMware (VMW) posted fourth-quarter adjusted earnings that topped Wall Street forecasts but the storage software company issued disappointing outlooks for the first quarter and year, said it was cutting 800 jobs, and said Chief Financial Officer and Chief Operating Officer Jonathan Chadwick resigned.
8. -- U.S. Steel (X) on Tuesday reported a fourth-quarter loss of $999 million, reversing a year-earlier profit, as revenue plunged 37% and the company blamed cheap subsidized imports for hurting the price of flat-rolled steel.
9. -- Fiat Chrysler (FCAU) said fourth-quarter profit fell to 251 million euros ($273 million) from 420 million euros a year earlier.
The company cited poor performance in Latin America and Asia, and flat global sales.
Revenue rose 11%.
Biogen, Facebook and PayPal are holdings in Jim Cramer's Action Alerts PLUScharitable trust portfolio.