Market Morning: A Little Dip

NEW YORK (TheStreet) -- U.S. stock futures signaled a lower open on Wall Street Tuesday and European shares dipped on an earnings decline from Swiss bank UBS(UBS) and as debt-deal talks in Greece dragged on for another day.

In Asia, the benchmark Shanghai Composite Index finished off by 1.7% and Japan's Nikkei index fell 0.1%.

In the U.S. on Monday, stocks finished lower as investors fretted that Greece may be headed for a default.

The Dow Jones Industrial Average fell 17.1 points, or 0.1%, to 12,845. The S&P 500 lost 0.6 point, or 0.04%, to 1,344, and the Nasdaq slid 3.7 points, or 0.1%, to 2,902.

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The economic calendar in the U.S. on Tuesday is light, but Federal Reserve Chairman Ben Bernanke will provide testimony before the Senate Budget Committee at 10 a.m. EST.

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UBS(UBS), the Swiss bank, posted a 76% decrease in fourth-quarter earnings.

UBS' investing bank division reported a second consecutive quarterly pretax loss of 256 million francs, which included a $2 billion rogue trader loss. UBS predicted further weakness in investment banking.

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BP(BP), the oil giant, said fourth-quarter profit rose 38% to $7.69 billion on higher oil prices and it raised its quarterly dividend by 14%.

Replacement cost profit jumped 65% to $7.6 billion. Revenue rose 15% to $96.3 billion.

BP goes to court at the end of the month in New Orleans for the beginning of lawsuits related to the Gulf of Mexico oil spill in April 2010.

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Earnings are expected Tuesday from Coca-Cola (KO) and Walt Disney(DIS).

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Mining company Xstrata and commodities dealer Glencore agreed to a $90 billion merger Tuesday that will create the world's fourth-largest natural resources company.

The combined company will control a chain of businesses from mining to refining, storage and shipping of basic commodities like coal, copper and corn.

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-- Written by Joseph Woelfel

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