1. Bad Apple

Apple (AAPL, Tech30) just announced its worst quarter in over a decade and its shares are set to drop sharply at the open, below $100 each.

Apple sales and profit both fell last quarter. Sales of its signature gadget, the iPhone, fell for the first time.

Wall Street analysts had predicted that Apple would have a somewhat lousy quarter. But they didn't think it would be quite this bad.

CEO Tim Cook said it was a "very busy and challenging quarter."

2. Other stocks on focus

Twitter, Google, Chipotle: Twitter's (TWTR, Tech30) stock is set to tank after the company slashed its sales forecast and reported that it brought in less revenue than expected in the latest quarter.

Alphabet (GOOGL, Tech30) -- Google's parent company -- is also in focus after top executive Larry Page just sold over 33,000 shares this week, worth well over $23 million.

Chipotle's (CMG) stock could be on the move after the restaurant chain reported its first quarterly loss since it went public in 2006. Numerous Chipotle customers across the U.S. recently fell ill due to multiple outbreaks of food-related illnesses.

3. Merge talks

Shares in DreamWorks Animation (DWA) are surging premarket after the Wall Street Journal reported that Comcast (CCV) is looking to take over the movie maker for more than $3 billion. DreamWorks is the company behind popular kids movies, including Shrek and Kung Fu Panda. DreamWorks declined to comment.

4. Earnings and economics

Boeing (BA), Gannett (GCI), Hilton Worldwide (HLT), Anthem (ANTX), Nasdaq (NDAQ) and Barclays (BCS) are among the key companies reporting earnings this morning.

Facebook (FB, Tech30), PayPal (PYPL, Tech30) and Marriott (MAR) are the main companies reporting results after the closing bell.

Investors are awaiting the latest interest decision from the U.S. Federal Reserve, which is due at 2 p.m. ET.

The Fed began raising interest rates in December from record low levels and Wall Street investors are looking for hints about its next move.

5. Global market overview

U.S. stock futures are soft and the Nasdaq is particularly weak as it's being dragged down by Apple.

European stock markets are mixed in early trading. Most Asian markets ended the day with losses.

Crude oil futures are rising by about 2% to trade around $45 per barrel. Oil hasn't been this high since late 2015. Prices sank early in the year and bottomed out near $26 per barrel in mid-Feburary.

Oil prices could be volatile this morning as the U.S. Energy Information Administration reports weekly crude oil inventory data at 10:30 a.m. ET.