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.

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