1. Apple sinks 5.8% ahead of the open on Wall Street
Apple shares (NASDAQ:AAPL) sold-off in pre-market trade on Wednesday after the iPhone maker's forecast for the next quarter disappointed investors, despite reporting better-than-expected earnings for the third quarter.
Apple projected fiscal fourth quarter revenue in a range between $49 billion to $51 billion, below market expectations of $51.15 billion. Total revenue for the third quarter totaled $49.6 billion, beating estimates of $49.3 billion, while net income of $1.85 a share topped forecasts for $1.81.
Apple sold 47.5 million iPhones in the third quarter, up 35% from a year ago, but trailing estimates for around 49.5 million.
Shares fell 5.76% to trade at $123.32 from Tuesday's closing price of $130.75.
2. U.S. corporate earnings remain in focus
Boeing (NYSE:BA), Coca-Cola (NYSE:KO), American Express (NYSE:AXP), Qualcomm (NASDAQ:QCOM) and Texas Instruments (NASDAQ:TXN) are due to report quarterly earnings on Wednesday.
Worries over the corporate earnings season mounted on Tuesday following disappointing reports from IBM (NYSE:IBM) and United Technologies (NYSE:UTX).
3. Gold, oil sink as commodities renew drop
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell to an intraday low of $1,090 a troy ounce before trading at $1,093.90 during U.S. morning hours, down $9.70, or 0.88%.
Gold prices have been under heavy selling pressure in recent weeks amid speculation the Fed will raise interest rates for the first time in eight years as early as September.
Gold, which yields nothing and costs money to hold, is seen as a less attractive investment during times of rising interest rates.
Meanwhile, West Texas Intermediate oil futures tumbled to the lowest level in more than three months on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose unexpectedly last week.
On the New York Mercantile Exchange, crude oil for September delivery hit a session low of $50.04 a barrel, a level not seen since April 6, before trading at $50.30, down 55 cents, or 1.07%.
4. U.S. data in focus
The U.S. is to publish figures on existing home sales for June shortly after Wednesday's opening bell as traders look for further indications on the strength of the economy and the timing of an interest rate hike.
The National Association of Realtors is expected to report that existing home sales rose by 1.2% in June to 5.40 million units, following a 5.1% increase in May.
5. Greek lawmakers prepare for next vote on bailout reforms
The Greek parliament was set to vote later Wednesday on a second set of reforms needed to secure the country's bailout deal.
If lawmakers approve the financial and judicial reforms, Greece will be able to press ahead with negotiations for an €86 billion bailout from its creditors.
Greece's next major deadline is August 20, when it must pay €3.2 billion owed to the ECB, followed by a payment of €1.5 billion to the IMF in September.