Futures Edge Lower Tuesday, Alcoa Reports After the Close

Morning Outlook

Futures are moving slightly lower in premarket action Tuesday. With a thin slate of economic news, investor attention is turned to after the closing bell, where economic bellwether and blue chipper Alcoa Inc. (AA) will kick off earnings season. Let’s see if Wall Street has enough earnings optimism to reclaim a 5 year high, however earnings expectations have been cut considerably for this reporting period. Futures for the Dow Jones Industrial Average fell 3 points to 13,304, while those for the Standard & Poor’s 500 index lost 1.3 points to 1,454.50. Futures for the Nasdaq 100 index declined 2.5 points to 2,715.25.

After strong gains last week, Wall Street came off of a five year high Monday as the major averages posted slight losses to start the week. The Dow Jones Industrial Average dropped 50.92 points, or 0.4%, to end at 13,384.29. The S&P 500 index fell 4.58 points, or 0.3%, to end at 1,461.89, with utilities and energy leading the declines and health care and telecommunications faring best among its 10 major sectors. The Nasdaq Composite index declined 2.84 points, or 0.1%, to 3,098.81.

Currencies and Commodities

The dollar fell 0.38% at 87.4600 yen in the currency market. The euro is gaining 0.05% at $1.3132 while the pound depreciated 0.13% to $1.6095. Looking to snap a three session skid, gold is rising $7.90 to $1,654.20 an ounce, while silver is rising 0.97% at $30.38. Light, sweet crude for February delivery is up 52 cents to $93.72 per barrel on the NYMEX; a 0.56% advance.

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