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STOCK MARKET NEWS: Microsoft profits down as PC sales fall, union rail workers reject latest deal

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Australia suffers health insurance hack. Adidas ends Ye partnership. Pacific Gas & Electric faces California fire lawsuit. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

U.S. equity futures were trading lower, as earnings results from some major technology names disappointed.

Microsoft shares were 5.6% lower in premarket trading after the software giant reported revenue of $50.12 billion, higher than the same-period a year ago and besting Wall Street estimates of $49.6 billion. U.S. West Texas Intermediate crude futures traded around $84.00, reversing the previous session's gain.

On Wall Street, the S&P 500 gained 1.6% 3,859.11. The Dow Jones Industrial Average rose 1.1% to 31,836.74. The Nasdaq advanced 2.3% to 11,199.12.The average price of a gallon of gasoline slipped on Wednesday to $3.764, according to AAA, continuing a recent trend.On Sunday, that same gallon of gasoline cost $3.796 nationwide. One week ago a gallon of gasoline cost $3.87.Posted by Ken MartinOil prices turned higher early Wednesday after industry data showed U.S.

U.S. crude inventories rose by about 4.5 million barrels in the past week. a market source tells Reuters, citing figures from the American Petroleum Institute.

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