NEW YORK (AA) – The American stock market opened lower Wednesday with losses from tech companies.
The three major indexes were all down between 0.15 and 0.59 percent to begin the day on Wall Street.
Google and Microsoft were each down about 1 percent but Apple stocks fell 7 percent after the opening bell following disappointing quarterly results were announced after the close of markets a day earlier.
The California-based tech giant had its first quarterly revenue decline since 2003 and sales of its iPhone were also down for the first time in the firm’s history.
Oil prices were on rise Wednesday after the American Petroleum Institute announced crude stocks in the U.S. declined, as opposed to expectations of an increase. That was after the World Bank on Tuesday revised up its crude price projection for 2016.
American benchmark West Texas Intermediate was up 2.2 percent to trade at $45.01 per barrel and international benchmark Brent crude was around $46.66 — up 2.3 percent.
The market now anticipates a Federal Open Market Committee statement Wednesday about the Federal Reserve’s two-day meeting.
