US stock futures were off to a rough start on Wednesday, thanks to Apple’s premarket tumble following the iDevices manufacturer, the biggest firm by market worth, broke investors hearts with lethargic earnings data. The stock market is expected to receive a jerk in the afternoon, when the Feds latest policy declaration is yet to come. S&P 500 futures declined 5.65 points, or 0.3%, to 2,082.75, while Dow Jones Industrial Average futures declined by 43 points, or 0.2%, to 17,876. Nasdaq-100 futures plunged by 48 points, or 1.1%, to 4,404.75.
The only center of attraction on Wednesday was Silicon Valley tech titan Apple Inc (NASDAQ:AAPL) whose stock was down to knees almost 8 percent at $95.80 in premarket session on Wednesday following the firm declared its debut loss in sales of smart phones. Experts believe that the future of the company lies within iPhone 7 success, (not all of them believes the same) which Apple is estimated to roll out in September. If iPhone 7 does not catches investors attention with up to date useful features, we fret that consumers would not upgrade, Macquarie expert Ben Schachter mentioned in a note to clients. And unluckily, nothing that we have observed regarding iPhone 7 so far hits us as chiefly innovative,” Schachter reported, who lowered his price target to $112 from $117 while keeping his “outperform” rating on the stock.
Goldman was in list of those 16 brokerages that sliced price guidance on Apple’s stock, lowering its target to $136 from $155 while keeping a “buy” rating.
Apple’s sluggish earnings were in line with other tech firms. Microsoft Corp (MSFT) and Google owner Alphabet Inc (GOOGL) posted heart breaking earning figures. Piper Jaffray’s Gene Munster reported that while there were few eye catching stuff was present in Apple’s report, he thought Apple’s shares would gain back in 2016 as iPhone sales start to recover in the Q4. Still there was a main question regarding the iPhone’s future growth and other issues that can drive revenue, he mentioned. That query stays unrequited following the March report.