Stock futures down as Apple, oil prices drop

Stock futures down as Apple, oil prices drop

In Wednesday's trading, seven of the S&P 500's 11 main industries retreated, with real estate sinking 1.3 percent while technology and health-care shares lost at least 0.5 percent.

Apple -3.3% premarket after reporting above consensus earnings but also a third straight quarter of falling Y/Y revenue, with iPhone (-5%), iPad (-6%) and Mac (-14%) devices all posting declines. Simon Property Group, which owns shopping mall and other real estate and is the largest publicly traded company in the industry, reported strong earnings.

With investors looking ahead to US third-quarter gross domestic product data on Friday, the dollar index, which tracks the greenback against a basket of six global peers, fell 0.12 percent to 98.604. The Standard & Poor's 500 index fell 3 points, or 0.2 percent, to 2,139.

Sterling rose 0.35 percent to $1.2229, coming off Monday's trough of $1.2081, which was the lowest level since the October 7 "flash crash". Athletic wear maker Under Armour's shares sank 13.2 percent, its biggest drop in nearly eight years. The stock lost $37.65, or 9.3 percent, to $368.02, its lowest price in three years. A year earlier, the company's earnings were $1.70 billion, or $2.47 per share. Brent crude, the global standard, lost 81 cents, to 1.6 percent, to $49.98 a barrel in London.

A drop in the price of oil below $50 a barrel, lingering uncertainty about the U.S. presidential election and growing expectations of a rate increase by the Federal Reserve, contributed to the downbeat mood.

Biogen rose 2.8 percent to $294 after the drugmaker reported a 7 percent rise in profit. Juniper Networks, a computer network equipment maker, gained $2.57, or 10.8 percent, to $26.29 after investors were pleased with its projections.

Southwest Airlines Co. dropped 8.5 percent after predicting a revenue measure may worsen this quarter, a sign of diminished power to raise airfares. Boeing climbed $5.97, or 4.3 percent, to $145 after it raised its forecast for earnings, revenue, and plane deliveries. Ticket prices have been falling for two years and Southwest said prices are still "soft".

Economic data showed the confidence of Americans in the United States economy fell in October to a three-month low just ahead of the Election Day on 8 November. Auvi-Q was taken off the market previous year because of the potential for inaccurate dosing, leaving EpiPen without any direct competition.

Over the last few months Mylan has come under fire for repeatedly raising the price of EpiPen. Among energy stocks, Devon Energy shed 90 cents, or 2.2 percent, to $39.77 and Halliburton lost 84 cents, or 1.7 percent, to $46.94.

It hit its highest level since February 1 on Tuesday as traders saw a better than 78-percent chance of an interest rise hike by the Federal Reserve in December, according to CME Group's FedWatch tool. (NYSE: UNH) lost 1.1%.

Gold fell $7 to $1,266.60 an ounce.

CURRENCIES: The dollar rose to 104.18 yen from 104.12 yen.

OVERSEAS: The FTSE 100 of Britain dropped 0.9 percent while Germany's DAX and the CAC 40 in France were little changed.

In China, the Shanghai Composite Index fell 0.20% and Hong Kong's Hang Seng Index declined 0.68%.

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