NEW YORK (CNN/Money) - Disappointment about Cisco Systems' sales, both past and future, appear ready to send U.S. stocks sliding at Wednesday's open.

Early Wednesday , Nasdaq and S&P futures were solidly lower.

Among U.S. stocks trading in Europe, Cisco Systems (CSCO: Research, Estimates) fell nearly 5 percent. The leading maker of Internet routers posted fiscal fourth-quarter earnings above expectations. But sales were below forecasts and the company said the outlook for the current quarter is lackluster.

Stocks reacted positively to the Fed's interest rate hike and subsequent statement that the economy is growing despite a recent slump. The Dow Jones industrial average rallied 1.3 percent, while the Nasdaq composite index gained 1.9 percent.

Asian-Pacific stocks advanced Wednesday, with Tokyo's Nikkei index up 0.9 percent. European markets were lower in morning trading. (Check the latest on world markets)

Oil prices, which have reached record highs over the past nine trading days, were slightly higher. U.S. crude futures rose 10 cents to $44.62 a barrel in electronic trading, 42 cents below the record high reached Tuesday. Brent oil futures gained 11 cents to $41.39 a barrel in London.

Treasury prices were flat, with the 10-year note yield at 4.29 percent. The dollar weakened against the yen, but was up versus the euro. Gold slipped below $400 an ounce.

In other corporate news, Walt Disney posted a better-than-expected earnings gain, as strong theme park and ESPN business overcame a sharp drop in movie profits. Shares of Disney (DIS: Research, Estimates), a Dow component, edged slightly higher in Frankfurt trading Wednesday.

Retailer Abercrombie & Fitch (ANF: Research, Estimates) beat fiscal second-quarter earnings forecasts, but its guidance of third-quarter earnings below analysts' expectation sent shares down 8 percent in after-hours trading.

Chipmaker National Semiconductor (NSM: Research, Estimates) warned that current quarter sales would fall on lower-than-expected demand. Its shares lost 9.5 percent in after-hours trading.

Retailer Federated Department Stores (FD: Research, Estimates) is set to report results early Wednesday.

The Los Angeles City Council gave preliminary approval Tuesday to a proposed ordinance that could hamper plans by Wal-Mart Stores (WMT: Research, Estimates) to build supercenters within city limits. But the Washington Post reported the world's largest retailer is close to announcing plans for building its first supercenter in the nation's capital.

The Wall Street Journal reported Wednesday that the Pentagon is charging that Halliburton (HAL: Research, Estimates) has not properly accounted for $1.8 billion the company has billed the government for work done in Iraq, raising the risk that payments could be withheld.