Apple’s results weighed on US equities yesterday after the technology giant posted its first annual revenue decline since 2001, offsetting a boost from Boeing’s strong profit, while oil prices recovered from steep early losses.

Shares of Apple, the world’s most valuable public company, fell as much as 3.7 per cent – set for their worst day in six months – after the company said sales of its flagship iPhones fell for the third quarter in a row.

“The earnings season, on balance, has been much better than expected, said Art Hogan, chief market strategist at Wunderlich Equity Capital Markets.

“But the glaring difference this quarter is that companies which meet or beat expectations get rewarded modestly while those that miss are seeing a more severe reaction.”

The Dow Jones industrial average rose 46.74 points, or 0.26 per cent, to 18,216.01, the S&P 500 lost 0.66 points, or 0.03 per cent, to 2,142.5 and the Nasdaq Composite dropped 15.39 points, or 0.29 per cent, to 5,268.01.

Excluding Apple, earnings are expected to rise 2.5 per cent.

Disappointing results and forecasts from some other major US companies continued to weigh on European and Asian stocks.

Mixed results from Europe’s banking sector and declines in mining and energy shares helped push the pan-European Stoxx 600 index down 0.38 per cent.

But while Europe remained negative, oil cut some losses, with Brent back above $50 a barrel, after the US government reported a drawdown in domestic crude stocks that extended a trend of unexpected inventory declines this autumn.

Brent crude futures were down 44 cents, or 0.87 per cent, at $50.35 a barrel by 11am (1500 GMT). They earlier touched a session low of $49.65, the weakest since September 30.

US crude futures were down 27 cents at $49.69, after earlier dropping to $48.87, the lowest since October 4.