Stocks backed away from multiyear highs Tuesday as a weak quarter at

Alcoa

(AA) - Get Report

and a handful of profit warnings chased out the momentum players.

Index futures recently showed the

S&P 500

trading 5 points below fair value, while the Nasdaq 100 was set for a 7-point decline. The 10-year Treasury bond was down 5/32 in price to yield 4.39%, 3 basis points above the two-year note, while the dollar was higher against the yen and lower against the euro.

Oil, which fell 81 cents Monday as warm-weather forecasts beat back the bulls, headed back up. Crude for February delivery was recently gaining 48 cents to $63.98 a barrel in electronic Nymex trading, threatening another four-month high. Natural gas futures were unchanged at $9.36 per million British thermal units.

Stocks are coming off a rousing session in which the

Dow Jones Industrial Average

, paced by a nearly 8% run in

General Motors

(GM) - Get Report

, pushed past 11,000 for the first time since mid-2001. The Dow, S&P 500 and

Nasdaq Composite

all begin trading Tuesday at their best levels in more than four years.

Enthusiasm dimmed after the bell when

Alcoa

(AA) - Get Report

said fourth-quarter earnings fell 16% from a year ago to $224 million, or 26 cents a share. Adjusted earnings of 35 cents a share were 2 cents below Wall Street estimates.

That news hit overseas stocks. London, the FTSE 100 was recently down 0.6% to 5697, while Germany's Xetra DAX is losing 0.8% to 5491. In Asia, Japan's Nikkei swooned 1.9% overnight to 16,124, while Hong Kong's Hang Seng dipped 0.1% to 15,570.

Two other Dow components could exert downward pressure. One is GM, which reportedly will face a call for a lower dividend from a representative of major shareholder Kirk Kerkorian in Detroit Tuesday. The other is

United Technologies

, which was downgraded to neutral by CSFB Tuesday based on valuation.

To view David Peltier's video take on today's market, click here

.

Machine vision systems maker

Cognex

(CGNX) - Get Report

said Monday that order delays would leave fourth-quarter earnings below estimates. Cognex expects to earn 23 cents a share in the period, 3 cents below the Thomson First Call view.

Wyeth

( WYE) expects to earn $3.09 to $3.22 a share next year, excluding stock options, up about 10% from the comparable 2005 profit. The Thomson First Call 2006 consensus on Wyeth is $3.16 a share.

Home Depot

(HD) - Get Report

said it agreed to acquire construction materials wholesaler

Hughes Supply

( HUG) for $46.50 a share, a 21% premium to Hughes Supply's Monday close.