NEW YORK (TheStreet) --Apple (AAPL) took a big bite out of the markets on Wednesday, punishing benchmark indexes in a post-earnings slump. 

Markets sank for the second day in a row. The S&P 500 was down 0.24%, the Dow Jones Industrial Average fell 0.39%, and the Nasdaq declined 0.7%.

Apple tumbled 4.6% after revenue projections for the iPhone maker's fiscal third quarter fell shy of estimates. The tech giant guided for fourth-quarter sales of $49 billion to $51 billion, below estimates of $51.1 billion.

Third-quarter iPhone sales also disappointed. Apple sold 47.5 million units over the three months, below a target of 48.8 million. CEO Tim Cook cited lower channel inventory as the reason for the miss.

Microsoft (MSFT) slid 3.9% as revenue projections came in weaker than expected. The company anticipates fiscal first-quarter revenue as high as $21.3 billion, below consensus of $22.8 billion. Currency exchange is expected to reduce first-quarter and second-quarter revenue by 5%, the software maker said.

Yahoo! (YHOO) also guided for weaker-than-expected future sales. The Internet company slipped 0.9% after forecasting third-quarter revenue between $1 billion and $1.04 billion, short estimates of $1.07 billion. Yahoo!'s most recent quarter also fell below estimates with net income of 16 cents a share missing by 2 cents. Profit was hurt by higher user acquisition costs.

Losses in Apple, Microsoft and Yahoo! shares pressured the technology sector. Facebook (FB), IBM (IBM), Netflix (NFLX), LinkedIn (LNKD) and Broadcom (BRCM) were all lower, while the Technology SPDR ETF (XLK) dropped 1.6%.

We "definitely think the market is focusing on technology and with Apple missing on their forecast that's going to have an impact short-term. But long-term I see it as a buy opportunity," Mario Minotti, president of Mario P. Minotti Group, told CNBC.

Baker Hughes (BHI) shares were briefly halted for volatility after a sharp drop of more than 10%. Baker Hughes dropped 3.9% once trading resumed and Halliburton (HAL) fell 0.76% on a Bloomberg report that Department of Justice officials could block their merger on antitrust concerns.

Chipotle (CMG) increased nearly 8% even as same-restaurant sales cooled off from explosive gains in recent quarters. The burrito chain earned $4.45 a share, a penny above estimates, while revenue increased 14.3% to $1.2 billion. Comparable-store sales increased 4.3% in the second quarter compared to 10.4% in the first quarter and 17.3% in the year-ago quarter.

Boeing (BA) shares added 0.9% after beating quarterly profit estimates by a wide margin. The aerospace company earned $1.62 a share, 25 cents above estimates, on revenue 11.3% higher than a year earlier. Full-year guidance was reduced to factor in the impact of necessary fixes to its KC-46 tankers.

Crude oil prices continued in their downward spiral on Wednesday after weekly inventories rose 2.5 million barrels. Analysts had expected crude stocks to decline 1.9 million barrels. West Texas Intermediate crude closed 3.3% lower to $49.19 a barrel. Prices have been under pressure as the safe-haven U.S. dollar gains on an anticipated Federal Reserve hike later this year.