Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a mixed open for Wall Street on Wednesday. Nasdaq futures were down significantly following third-quarter results from Apple (AAPL) that missed Wall Street's expectations.
European stocks were wavering after the German IFO Business Climate index, a measure of confidence in the region, fell for the third-straight month in July, while Asian shares ended Wednesday's trading session with losses. Japan's Nikkei 225 index closed down 1.4% at 8,365.90.
The economic calendar in the U.S. Wednesday includes the Mortgage Bankers Association's weekly mortgage application index at 7 a.m. EDT; new home sales for June at 10 a.m.; and weekly crude inventories at 10:30 a.m. ET.
U.S. stocks were tripped up Tuesday by a batch of tepid business and economic reports from around the globe, disappointing corporate results and ongoing eurozone concerns.
The Dow Jones Industrial Average fell 104 points, or 0.82%, to close at 12,617. It was the third consecutive triple-digit decline for the blue-chip index.
The Wall Street Journal reported Wednesday that Federal Reserve officials, impatient with the economy's sluggish growth and high unemployment, are moving closer to taking new steps to spur activity and hiring.
Apple, the iPhone, iPad and iPod maker, missed Wall Street's expectations on the top and bottom lines in the third quarter and issued weak guidance after the markets closed Tuesday.
During the earnings conference call, Chief Financial Officer Peter Oppenheimer cited several reasons for the revenue and earnings miss, including economic weakness in Europe, Australia, Canada, and Brazil. He also said consumer speculation about new products was delaying some purchasing and that a delay with Intel's(INTC) Ivy Bridge chips hurt Mac sales in April and May.