WASHINGTON (Alliance News) - Reflecting disappointing earnings news from several big-name tech companies, stocks are likely to come under pressure in early trading on Wednesday. The major index futures are currently pointing to a lower open for the markets, with the Nasdaq futures tumbling by 65 points. The downward momentum on Wall Street comes amid a negative reaction to earnings news from tech giants such as Apple (AAPL) and Microsoft (MSFT). Shares of Apple are plunging by 7.1% in pre-market trading after the company reported better than expected third quarter earnings but on weaker than expected iPhone unit sales. The company also provided disappointing fourth quarter revenue guidance. Microsoft is also under pressure in pre-market trading after the software giant reported a USD3.2 billion net loss for its fourth quarter, reflecting charges related to its acquisition of Nokia's (NOK) devices and services business. Internet giant Yahoo (YHOO) may also see early weakness after reporting adjusted second quarter earnings that came in below analyst estimates. On the other hand, shares of Boeing (BA), Coca-Cola (KO), and Whirlpool (WHR) may move to the upside after reporting better than expected second quarter earnings. Following the lack of major US economic data over the past two days, trading could be also impacted by the National Association of Realtors' report on existing home sales. Economists expect existing home sales to edge up to an annual rate of 5.40 million in June from 5.35 million in May. After ending Monday's trading slightly higher, stocks moved back to the downside during trading on Tuesday. The Dow showed a particularly steep drop amid a negative reaction to earnings news from some blue chip companies. The major averages ended the day in negative territory but well off their lows for the session. The Dow slumped 181.12 points or 1% to 17,919.29, while the Nasdaq dipped 10.74 points or 0.2% to 5,208.12 and the S&P 500 fell 9.07 points or 0.4% to 2,119.21. In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index tumbled by 1.2%, while Hong Kong's Hang Seng Index dropped by 1%. The major European markets have also moved to the downside on the day. While the UK's FTSE 100 Index has plummeted by 1.6%, the German DAX Index is down by 0.8% and the French CAC 40 Index is down by 0.5%. In commodities trading, crude oil futures for September delivery are sliding USD0.63 to USD50.23 a barrel in their first day of trading as the front month contract. An ounce of gold is currently trading at USD1,089.60, down USD13.90 from the previous session's close of USD1,103.50. On Tuesday, gold fell USD3.30. On the currency front, the US dollar is trading at 123.78 yen compared to the 123.89 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at USD1.0907 compared to yesterday's USD1.0935.

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