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The tech-heavy Nasdaq Composite may slip from a record high on Wednesday, with shares of Apple coming under pressure in pre-market trading.

Nasdaq 100 futures were off by 0.31 per cent to 5,622.3 in early morning trading in New York. The index that tracks the 100 biggest stocks on the Nasdaq Composite set a fresh closing high Tuesday, and has been propelled higher by a strong performance this year among technology stocks.

Apple, which accounts for almost 12 per cent of the Nasdaq 100′s total market value, was down by 1.7 per cent in pre-market trading, after the California-based company unveiled a surprise drop in its quarterly iPhone sales. Gilead, one of the largest US biotech groups, may be another drag on the index, skidding 1.7 per cent after disclosing disappointing quarterly results.

Looking at the broader market, S&P 500 futures slipped 0.19 per cent to 2,381.3.

In addition to earnings reports, which include Facebook after the closing bell, investors will keep a close eye on the Federal Reserve decision that is due at 2pm ET. Wall Street economists broadly expect the central bank to hold rates steady, but any indication about its plans for the remainder of the year will be scrutinised.

Ahead of the decision, the US 10-year Treasury yield ticked up by 0.0126 percentage point to 2.293 per cent. The dollar rose 0.1 per cent against six global currencies.

Copyright The Financial Times Limited 2018. All rights reserved.

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