Apple's shares were -7.2% premarket after the company's FQ2 results missed already low expectations. EPS was $1.90, profit fell to $10.52B from $13.57B, and revenue dropped 13% to $50.6B for Apple's (NASDAQ:AAPL) first sales decline in 13 years, with revenue in Greater China dropping 26%. iPhone volumes fell for the first time, slumping to 51.2M from 61.2. Adding to the woe, Apple CEO Tim Cook gave a weak outlook, although he believes the "future is very bright." The question is whether he's right and the bull run will resume, or has Apple become a normal company again?

Economy

Global equities were broadly flat-to-lower ahead of the second day of the FOMC's policy meeting, where the Fed is expected to leave interest rates unchanged at 0.25-0.5%. As ever, there'll be much interest in the bank's statement for what it indicates for future decisions. Other factors affecting prices this morning include mixed earnings reports in Japan, Europe and the U.S., with those from Apple (AAPL) particularly hurting the relevant stocks.

Donald Trump has declared himself the "presumptive nominee" for the Republican party in November's presidential election after victories in the five north-eastern states of Pennsylvania, Maryland, Connecticut, Rhode Island and Delaware. Trump now has an estimated 950 of the 1,237 delegates he needs to win the nomination. Meanwhile, Hillary Clinton won four of the states as Bernie Sanders took Rhode Island. Clinton has 2,141 of the 2,383 delegates she requires.

As forecast, U.K. GDP growth slowed to a provisional 0.4% on quarter in Q1 from 0.6% in Q4. On year, GDP rose 2.1%, as in Q4 but above expectations. The slowdown comes ahead of a referendum in June over whether Britain should remain in the EU. Expect both sides of the debate to use the numbers to support their cause.

Germany's Gfk consumer confidence index rose to 9.7 heading into May from 9.4 a month earlier and topped expectations that were also 9.4. "Growth is being observed for both economic and income expectations as well as propensity to buy," GFK says. "Consumers are clearly assuming that the German economy will regain some momentum in the coming months," GFK adds.

Spain will hold a repeat general election in June after King Felipe VI yesterday gave up trying to persuade the country's major parties to form a government following three rounds of talks. A caretaker government has been ruling Spain since an inconclusive vote in December, when upstart or minor parties won almost 40% of seats in parliament. That left the two establishment parties, the conservative Popular Party and the Socialists, too weak to form a new government.

Stocks

Barclays' Q1 pretax profit slumped 25% to £793M ($1.15B) and revenue dropped 13% to £4.6B, although the latter figure exceeded consensus of £4.48B. Barclays (NYSE:BCS) said it is making "good progress" in its strategy to refocus on its core operations, where pretax income climbed 18% to £1.6B, and disclosed that it is in talks to sell its French Retail Banking operations to AnaCap Financial. Shares were -0.1% in London at the time of writing.

Comcast is in talks to acquire DreamWorks Animation (NASDAQ:DWA) for over $3B, The Wall Street Journal reports. Any deal would likely result in a merger of DreamWorks Animation operations with Comcast's (NASDAQ:CMCSA) Universal Pictures, which already operates Illumination Entertainment, animator of the "Despicable Me" movies. DreamWorks Animation closed yesterday with a market cap of about $2.34B.

Twitter reported Q1 EPS of $0.15 but shares collapsed 15% after the social-media company's revenue missed expectations despite jumping 36% to $594.5M and the company gave a weak outlook. Twitter cited weak demand from big brands, which have been a major source of ad revenue. Still, the number of users grew 5M, giving the company 310M members who log in at least once a month.

Barnes & Noble Executive Chairman Leonard Riggio plans to leave his position after the company's annual meeting in September, he tells the WSJ, although he'll remain on the board. Riggio, who was CEO until 2002, built Barnes & Noble (NYSE:BKS) into the U.S.'s largest bookstore chain, but the company has struggled to cope with the changes to the book industry wrought by the Internet and the growth of Amazon (NASDAQ:AMZN).

German sporting-goods maker Adidas has increased its 2016 outlook for a second time and said that strong brand momentum helped preliminary Q1 underlying net profit rise 38% to €350M as revenue jumped 17% to €4.8B. Adidas (OTCQX:ADDDF) now expects 2016 net profit from continuing operations to grow 15-18% vs a prior forecast of plus 10-12% and currency adjusted sales to grow 15% vs plus 10-12% also.

Total Q1 adjusted net profit fell 37% to $1.6B but exceeded consensus of $1.2B. Increased output and good results at Total's (NYSE:TOT) refining and chemicals operations helped to cap the affect of low oil prices. Meanwhile, Norwegian rival Statoil (NYSE:STO) swung to a Q1 net profit of $607M from a net loss of $4.58B last year, when it booked major write-downs, with analysts expecting a loss of $115M this time round. Cost cuts helped reduce the impact of low oil prices.

Tuesday's Key Earnings
Buffalo Wild Wings (NASDAQ:BWLD) -12.2%, punished after earnings miss.
AT&T (NYSE:T) -0.7%, tops estimates with help from DirecTV.
Nabors (NYSE:NBR) sinks 9.9% after weak Q1, warns of reduced rig counts.
Fortinet (NASDAQ:FTNT) soars 9.9% following solid earnings beat, strong billings.
Chipotle (NYSE:CMG) -4.5% as margins disappear.
Capital One (NYSE:COF) -1.6%, misses as charge-offs, provisions rise.
eBay (NASDAQ:EBAY) +1.6% after topping consensus.
U.S. Steel (NYSE:X) flat after missing on EPS and revenue.
Edwards Lifesciences (NYSE:EW) +1.3% following solid growth, raised guidance.
Panera Bread (NASDAQ:PNRA) +2.1% after blazing past peers with comparable-store sales.

Today's Markets

In Asia, Japan -0.4% to 17290. Hong Kong -0.4% to 21331. China -0.4% to 9608. India +0.2% to 26052.
In Europe, at midday, London -0.3%. Paris +0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow -0.25%. S&P -0.3%. Nasdaq -1.1%. Crude +1.9% to $44.87. Gold +0.3% to $1246.75.
Ten-year Treasury Yield -0.025 bps to 1.91.

Today's Economic Calendar

7:00 MBA Mortgage Applications
8:30 International trade in goods
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement