S&P 500 futures were down 0.26%, Dow Jones Industrial Average futures fell 0.22%, and Nasdaq futures slid 1.1%.
Apple tumbled more than 8% before the bell Wednesday after reporting its first year-on-year sales decline in 13 years. The tech giant reported a 13% decline in revenue in its second quarter to $50.5 billion, below estimates of $52 million, as iPhone sales fell to 51.2 million. Apple forecast current-quarter revenue no higher than $43 billion, below consensus of $47.4 billion.
"While we continue to view Apple through a long-term lens, we acknowledge that the undercurrents of event-driven trading are likely to prevail in the interim," wrote Jim Cramer and Jack Mohr of the Action Alerts PLUS portfolio, which owns Apple.
Twitter (TWTR) - Get Report also was sharply lower in premarket trading after quarterly sales came up short and second-quarter forecasts looked weaker than expected. The social network generated sales of $594.5 million in its first quarter, 36% higher than a year earlier but below consensus of $608 million. Twitter said it expects current-quarter revenue no higher than $610 million, far from estimates of $677 million.
The U.S. Federal Reserve's Federal Open Market Committee will end a two-day meeting on Wednesday afternoon with an announcement on benchmark interest rates. While the chances of an interest rate hike are slim, investors will be keen to gauge how willing members are to move at the next meeting in June.
The U.S. trade deficit narrowed to $56.9 billion in March, the Department of Commerce said on Wednesday. Analysts expected the deficit to narrow at a slower pace to $62.6 billion from $62.9 billion in February.
Comcast (CMCSA) - Get Report added 1% after besting analysts' estimates in its first quarter. The media conglomerate added 53,000 video customers, reversing a drop of 8,000 in the year-ago quarter. Adjusted profit of 84 cents a share beat expectations by a nickel, while revenue rose 5.3% and topped forecasts.
Boeing (BA) - Get Report reported lower first-quarter profit after delivering fewer commercial jets at the beginning of the year. The aerospace company previously said it would deliver no more than 745 commercial jets this year, down from a record-setting 762 delivered in 2015. Boeing delivered 176 commercial jets in the first quarter, a 4.3% decline from a year earlier.
Chipotle (CMG) - Get Report fell more than 5% after reporting a double-digit decline in revenue and same-restaurant sales. The burrito chain said same-restaurant sales fell nearly 30%, while revenue slid 23.4% in its first quarter as it continued to suffer the fallout from a food safety scandal.
eBay (EBAY) - Get Report added 1% after topping first-quarter estimates on its top- and bottom-lines. The auction site earned an adjusted 47 cents a share in its recent quarter, 3 cents above estimates. Revenue of $2.1 billion was a nudge higher than consensus of $2.08 billion.
Buffalo Wild Wings (BWLD) sank 12% after issuing soft guidance for its full year. The wings restaurant chain expects adjusted profit between $5.65 and $5.85 a share for its fiscal year, below estimates of $6.10.
AT&T (T) - Get Report posted adjusted earnings of 72 cents a share in the first quarter, exceeding analysts' expectations of 69 cents. Tge telecom reported a 24% jump in consolidated revenue jumped 24%. AT&T said it added 2.3 million North American wireless net subscribers during the period. Results were boosted by its acquisition of DirecTV last year, the company said.