Updated from 6 a.m. EDT
 
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Here are five things you must know for Wednesday, May 3:
 
1. -- U.S. stock futures declined and European shares traded lower following disappointing earnings from Apple ( AAPL)  and as Wall Street looked to Wednesday's announcement from the Federal Reserve on interest rates.
 
The Fed's monetary policy-making body, the Federal Open Market Committee, is expected to announce a decision on interest rates at 2 p.m. EDT Economists don't expect the U.S. central bank to raise interest rates at the meeting, after having done so at the last meeting in March. 
 
"The May FOMC meeting will likely prove to be a non-event, as it is probably too early for the Fed to change the reinvestment language in the statement," said Societe Generale's Michala Marcussen in a note. "Similarly, the balance of risks and forward guidance should remain unchanged, and we look for only modest tweaks to the economic assessment."

The economic calendar in the U.S. on Wednesday also includes the ADP National Employment Report for April at 8:15 a.m. EDT, the ISM Non-Manufacturing Index for April at 10 a.m., and Oil Inventories for the week ended April 28, at 10:30 a.m.

Oil prices were rebounding after crude prices on Tuesday hit their lowest levels of the year. Early Wednesday in the U.S. crude oil gained 1% to $48.13 a barrel.

2. -- Apple (AAPL) shares fell 1.8% in premarket trading on Wednesday after unit sales for the iPhone declined in the tech giant's fiscal second quarter.

Apple earned $2.10 a share in the quarter, ahead of analysts' forecasts of $2.02 a share, while revenue of $52.9 billion slightly missed estimates of $53.04 billion.

iPhone revenue rose 1% annually to $33.2 billion (63% of total revenue), with unit sales dropping 1% to 50.8 million. Analysts were looking for iPhone sales of 52.3 million.

Services revenue rose 18% to $7.04 billion (13% of revenue), which was slightly below consensus of $7.06 billion.

Apple said it expects revenue for the quarter ending in June of $43.5 billion to $45.5 billion, which falls  short of the $45.63 billion consensus.

CEO Tim Cook said on the earnings call Tuesday that Apple thinks "earlier and much more frequent reports about future iPhones" are weighing on sales. Considering how much has been reported about the iPhone 8 and the feature improvements it's set to deliver, the rumor mill could very well be having a larger-than-usual impact on iPhone sales this year, wrote TheStreet's Eric Jhonsa.

Jim Cramer and the AAP team said Apple's quarter was strong where it needed to be. Find out more with a free trial subscription to Action Alerts PLUS.

3. -- Health insurer Humana (HUM) reported first-quarter adjusted earnings of $2.75 vs. $2.07 a year earlier. 

Clorox  (CLX)  earned $1.31 a share in its fiscal third quarter, higher than year-earlier profit of $1.23.

Earnings are also exoected Wednesday from Estee Lauder  (EL) , Kraft Heinz  (KHC) , Reynolds American  (RAI) , Tesla  (TSLA) , Time Warner  (TWX) , Yum! Brands  (YUM) , Facebook  (FB) , Fitbit  (FIT) , IAC  (IACI) , Sprint  (S) , Groupon  (GRPN) , Square  (SQ) , Transocean  (RIG) , AIG  (AIG)  and Metlife (MET) .

Facebook is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB? Learn more now.

4. -- Twilio (TWLO) shares were tumbling 32% in premarket trading after the cloud-computing company issued outlooks for the second quarter and year that were below analysts' estimates.

The company said it expects a second-quarter adjusted loss of 10 cents to 11 cents a share on revenue of $85.5 million to $87.5 million; analysts predicted a loss of 8 cents a share on sales of $87.8 million. For the year, Twilio forecast an adjusted loss of 27 cents to 30 cents a share on revenue of $356 million to $362 million, below forecasts that called for a loss of 16 cents a share on revenue of $370 million.

5. -- Novo Nordisk (NVO) shares surged to a year-to-date high on Wednesday after the world's biggest maker of insulin posted stronger-than-expected first-quarter earnings and boosted its full-year outlook

The Danish pharmaceutical company said sales for the three months ended in March rose 5% to Dkr28.5 billion ($4.2 billion), beating the FactSet estimate of of Drk27.9 billion. Operating profit for the quarter was also ahead of expectations, rising 10% to Dkr13.5 billion.

The stock rose 6.5% in European trading.

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