Premarket: Apple is red

From CNBC's "Dow futures drop 200 points, Microsoft falls after earnings" posted early Wednesday:

Stock futures fell in early trading on Wednesday as traders pored through the latest batch of corporate earnings...

Shares of Microsoft dropped 2%. Initially shares rose after the tech giant posted fiscal second quarter per-share earnings that exceeded analysts’ estimates. However, shares declined after the company offered lackluster guidance on its earnings call.

Investors are bracing for more high-profile corporate earnings amid fears of a recession. So far, more than 70 S&P 500 companies have reported fourth-quarter earnings, and 65% of them posted stronger-than-expected results, according to Refinitiv.

“With the bulk of earnings still in front of the market, the question as to whether the shift towards growth being signaled by recent rallies is warranted could be answered by upside earnings surprises and solid guidance,” said Quincy Krosby, chief global strategist at LPL Financial.

Tesla, Boeing, IBM and AT&T are among the companies slated to post numbers on Wednesday.

Charts: Yahoo!Finance sees a bullish price-crosses-moving-average pattern. Max pain stays at $137 with the same call mountain at $150 and put peak at $125.

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