S&P 500 heavyweights Apple, Microsoft and Alphabet reported huge profits after the bell last night—though the tech giants themselves are turning in a mixed performance premarket, and stock futures are wobbling near the flat line.

Investors are also looking ahead today to a policy update from the Federal Reserve. Here’s what we’re watching ahead of the bell on Wednesday.

  • Apple posted the biggest spring-quarter profit in its 45-year history, leading a streak of record-setting earnings for technology companies—yet the iPhone maker’s shares slipped 0.7% premarket.
  • Google’s parent company also reported its highest quarter ever for sales and profit, amid a gusher of online advertising from businesses vying for customers. Alphabet shares added 1.5% premarket.
  • Microsoft shares edged up 1.5% premarket after it reported its fiscal fourth-quarter sales were up around 21% from the year-earlier period. The tech behemoth also said it expects overall sales for the current quarter to reach up to $44.2 billion.
  • Teladoc Health shares are looking sickly ahead of the bell, falling 8.8% after the telemedicine company reported a wider-than-expected second-quarter loss and guided for a wider per-share loss for the year than analysts forecast.
  • Mattel isn’t playing around. The toy maker’s shares jumped 6.1% premarket after it posted another quarterly earnings beat, with its main brands Barbie and Hot Wheels leading the way to 40% sales growth.
Barbie dolls were a key source of sales growth for Mattel in the recent quarter.

Barbie dolls were a key source of sales growth for Mattel in the recent quarter.

Photo: Christoph Schmidt/Zuma Press

  • Bitcoin is jumping higher, up more than 5% from its 5 p.m. ET level on Tuesday, and it is bringing Coinbase shares along for the ride, which added 1.8% premarket.
  • Starbucks shares slid 2.9% ahead of the bell after it said its business rebounded to help quarterly sales outpace pre-pandemic levels, as the company lifted its profit outlook. Perhaps the rising price of coffee has markets fretting.
  • Boeing shares are gaining altitude, up 5.1% premarket, after it reported quarterly results and said its commercial airplanes backlog grew to $285 billion and that it added180 net orders in the quarter.
  • Now that is a lot of Oreos and Triscuits. Mondelez said profit nearly doubled and revenue increased in the latest quarter, though costs and expenses also rose. Its shares pulled back 1.3%.
  • Facebook, PayPal, Qualcomm and Ford will report quarterly results after the close.
  • Apple’s iPhone dependence has shrunk, as the iPad, Mac, Wearables and Services all pick up growth.