“U.S. stock futures were pointing to a higher open Wednesday, as investors cheered Apple Inc.’s earnings and waited for a Federal Reserve statement due in the afternoon,” Anora Mahmudova and Victor Reklaitis report for MarketWatch.

“Apple shares gained [more than] 7% in premarket action after the iPhone maker late Tuesday posted quarterly profit that dropped from a year ago, but beat expectations,” Mahmudova and Reklaitis report. “Revenue at the world’s largest company by market value also fell, yet topped Wall Street’s forecasts.”

“On the Fed front, the U.S. central bank is expected to stand pat on interest rates as it releases a policy statement at 2 p.m. Eastern Time,” Mahmudova and Reklaitis report. “Traders want to see if Fed chief Janet Yellen and her colleagues offer any signals on the possibility of a September rate hike.”

Read more in the full article here.

MacDailyNews Take: Welcome back, mom and pop!

(Under breath)
…you fickle ignoramuses.

SEE ALSO:
Apple’s earnings beat has some analysts worried it was too impressive or something – July 27, 2016
Tim Cook: Apple’s services business alone will be the size of a Fortune 100 company by next year – July 26, 2016
Apple beats Street – July 26, 2016