Markets Are Going Nowhere After Apple Earnings Disaster

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UPDATE:

What's interesting is that markets have mostly recovered from earlier, when things were in the red.

Apple will be a big drag on the NASDAQ today, and the S&P to some extent.

But markets are mostly ho-hom at this point, and Europe has gone from red to slightly positive.

EARLIER: The big story today, obviously, will be the Apple earnings debacle, which caused the stock to fall more than 10% after hours last night.

NASDAQ futures are going to get hammered, as the stock has such a big weighting in that index.

The question is whether Apple spreads elsewhere.

There may not be much of a reason to worry, as Apple went from $700 to $500, while the overall market made new high after new high.

Europe is down modestly across the board. Italy, for example, is down 0.35%.

Asia had a big night after China's Flash PMI hit a 24-month high.