Stock Futures Slip Ahead of BofA, IBM

Tim Paradis NEW YORK -- U.S. stock futures tumbled early Monday as investors began a busy week of quarterly earnings reports that could test the stock market's six-week rally.

Bank of America (BAC Quote) said early Monday that it earned a surprise profit in the first quarter but that it also set aside $13.4 billion to cover losses on souring debt. The stock fell 5.6% in electronic premarket trading.

Meanwhile, Halliburton (HAL Quote) said its first-quarter earnings fell 35% as oil and natural gas producers cut back on exploration and drilling because of low prices.

A private sector group's monthly forecast of economic activity is expected to drop for the second straight month. IBM (IBM Quote) also is set to report earnings. ...