U.S. Stock Futures Turn Negative, Apple Earnings Disappoint

U.S. stock futures have turned negative on a weak earnings report from Apple and tempered optimism on hopes of a big Eurozone bailout.

Futures on the S&P 500 Index are down 0.29 percent at 8:09 a.m. ET, futures on the Dow Jones Industrial Average fell 0.15 percent, and futures on the tech-heavy Nasdaq 100 declined 0.82 percent.

On Tuesday, U.S. stocks surged on a Guardian report that France and Germany agreed to endorse an expansion of the Eurozone bailout fund EFSF to 2 trillion euros at the upcoming Eurozone summit.

However, later reports cast doubt on this.

An official told Dow Jones that the 2 trillion euro figure is totally wrong. German Finance Minister Wolfgang said the EFSF fund will be increased at most to 1 trillion euros, reported FT Deutschland.

Before the Guardian report, several German officials made comments to temper the market's expectations on the upcoming Eurozone summit.

German Chancellor Merkel warned that these sovereign debts have built up over decades, so they won't be ended with one summit.

Another disappointment that hit risk sentiment Wednesday morning is Apple (NASDAQ:AAPL) disappointing earnings late Tuesday.

The tech giant reported earnings and sales that missed analyst expectations. Its shares are down 5.26 percent in pre-market trading.

Late Monday, tech bellwether IBM (NYSE:IBM) similarly disappointed the market with its sales figure and sold off heavily.