Wall Street: Still seeing red

LONDON (CNNMoney.com) -- Wall Street looked set to take another beating Wednesday, as investors reacted to a disappointing outlook from Apple and remained haunted by recession fears.

At 5:32 a.m. ET, Nasdaq and S&P futures were lower, suggesting losses at the start of trading.

Apple (AAPL, Fortune 500) posted record quarterly earnings late Tuesday but issued an outlook that rattled investors. The stock sank more than 12 percent in after-hours trading.

Global stocks have been on a crash course, plunging on worries about a U.S. slowdown. The market rout mostly ended Wednesday as Asian stocks rebounded, although European markets fell in morning trading.

An emergency rate cut the Fed made Tuesday has helped some of the worries hanging over investors worldwide, but there are still concerns that the Fed's dramatic move won't be enough to stave off an economic downturn in the world's largest economy.

U.S. markets finished Tuesday's session lower as the Fed's cut offered little support. With no major economic reports on tap Wednesday, they're likely to face another volatile session.