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Earnings Worries Hit Stocks

Futures point to a lower open for blue chips and tech stocks.

Stocks in the U.S. were headed for a lower open as earnings season got off to a rocky start with disappointing results from aluminum giant


(AA) - Get Alcoa Corp. Report

and big biotech




Futures on the

S&P 500

were down 2.7 points at 1358, about 2.3 points under fair value. Nasdaq 100 futures were losing 3.75 points to 1700 and were 7.2 points below fair value.

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The weakness comes a day after the

Dow Jones Industrial Average

finished the session up 9.36 points, or 0.08%, at 11,867.17, another record high for the index. The S&P 500 added 2.76 points, or 0.2%, at 1353.42, and the

Nasdaq Composite

finished higher by 3.66 points, or 0.16%, to 2315.43.

Following the close of trading, Alcoa said its quarterly profit surged more than 80% year over year, but revenue was a bit shy of analysts' projections. The results from Alcoa, a Dow component that's generally thought of as marking the start of earnings, sent its shares slumping after hours.

As for Genentech, though it beat analysts' targets on the top and bottom lines and guidance was upbeat, sales of some individual drugs came up short. The shares dropped in late trading.

Oil prices edged higher after OPEC's president said again that the petroleum-exporting group will cut production by 1 million barrels a day. After the announcement from Edmund Daukoru, crude added 14 cents to $58.66 a barrel. Other energy prices also rose.

Metals were mainly stronger, as gold advanced $6 to $576.80 an ounce and silver tacked on 3 cents to $11.25 an ounce. Copper ticked lower.

Treasuries sold off during the previous session but were on the rise, with the 10-year note gaining 5/32 in price to yield 4.73%. Meanwhile, equity markets were generally weaker overseas.

To view Farnoosh Torabi's video take on today's market, click here