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Stock futures fall, point to lower opening
Stock futures point to lower opening after Alcoa earnings fall short of expectations


Buzz up! 0 Print..Companies:Alcoa, Inc.CSX Corp.Intel CorporationTopics:Stocks.Related Quotes
Symbol Price Change
AA 14.57 0.00

CSX 52.88 0.00

INTC 22.54 0.00


{"s" : "aa,csx,intc","k" : "c10,l10,p20,t10","o" : "","j" : ""} Stephen Bernard, AP Business Writer, On Tuesday April 13, 2010, 6:57 am
NEW YORK (AP) -- Stock futures are falling Tuesday after Alcoa Inc. kicked off earnings season by coming up short of analysts' expectations.

The pullback comes a day after the Dow Jones industrial average closed above 11,000 for the first time in 18 months. Stocks have been climbing steadily in recent months on signs of consistent economic growth. Alcoa's disappointing results could give investors a reason to pause heading into the busy earnings season.

Dow component Alcoa reported its first-quarter loss narrowed compared with a year ago because demand for some aluminum products improved. But its adjusted earnings, which exclude one-time charges, still came up a penny short of analysts' expectations and its revenue also fell below estimates.

Alcoa's results are typically the first among Dow components. Investors look to the manufacturer to set a tone for earnings season, which is expected to be a primary focus over the next few weeks.

The chipmaker Intel Corp. and railroad operator CSX Corp. both report results after the market closes Tuesday. Those two are considered bellwethers for their respective industries and provide key insight into whether consumers and companies are ramping up their spending on technology products and raw materials respectively.

Ahead of the opening bell, Dow Jones industrial average futures fell 17, or 0.2 percent, to 10,935. Standard & Poor's 500 index futures fell 2.30, or 0.2 percent, to 1,190.30, while Nasdaq 100 index futures fell 4.75, or 0.2 percent, to 1,987.75.

Alcoa shares fell 35 cents, or 2.4 percent, to $14.22 in premarket trading.

Major indexes edged higher Monday after Greece and European leaders struck a deal over the weekend that gives the debt-burdened country access to $40.5 billion in loans. The International Monetary Fund could contribute another $13.5 billion if Greece struggles to issue new debt or renew existing loans.

The S&P 500 came within a point of reaching 1,200, but closed just shy of that level, rising 2 points to 1,196.48.

Greece was able to sell 1.2 billion euro ($1.63 billion) in short-term notes Tuesday in an auction that drew plenty of buyers. It was Greece's first debt sale since details of the emergency rescue package were outlined over the weekend.

U.S. bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.84 percent from 3.85 percent late Monday.

The dollar was mixed against other major currencies, while gold prices fell.

Overseas, Britain's FTSE 100 dropped 0.4 percent, Germany's DAX index fell 0.4 percent, and France's CAC-40 fell 0.3 percent. Japan's Nikkei stock average fell 0.8 percent.

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