Futures are under pressure after some weak earnings

Futures were lower on Wednesday morning after a big day of tech earnings disappointed for the most part.

Near 7:41 a.m. ET, Dow futures were down 39 points and S&P 500 futures were down 5 points. Futures on the tech-heavy Nasdaq were down the most, by 41 points, or 1%.

Dave Lutz at JonesTrading noted in his 'trader chat' note that it's rare to see the PowerShares QQQ exchange-traded fund - which is heavily weighted with large tech companies - being down 1.1%.

Apple fell by as much as 7% in pre-market trading after the company missed estimates for earnings and reported its first year-over-year decline in quarterly drop since 2003.

Also not helping matters is a downgrade from Goldman Sachs analysts, who removed the stock from their "Conviction Buy" list and lowered their price target to $136 from $155.

The drop pre-market took Apple shares to as low as $96.55, meaning they still see some upside. And elsewhere on Wall Street, most analysts are still bullish on Apple.

Twitter is also getting hit, down 14% pre-market after missing on first-quarter revenues and giving Wall Street projections for second-quarter revenues that were weaker than they had expected.

Ahead of the opening bell, Boeing reported weaker-than-expected profits while re-affirming its outlook for the year. And, Comcast said the growth in pay-TV subscribers during Q1 was the biggest in nine years - quite the opposite of the cord-cutting that everyone in the industry is talking about.

Moving away from earnings, the Federal Reserve's latest policy statement is due at 2 p.m. ET. Focus will be on the Fed's wording and how it assesses the risks to the US economy and its ability to raise interest rates further. No hike is expected today.

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At 10 a.m. ET, pending home sales numbers are due.