Stocks in the U.S. were looking at a sluggish open Tuesday after earnings-reporting season got off to a slow start, with a miss at Alcoa ( AA) and reduced guidance from serial warner Lucent ( LU). Around 7:45 a.m. EDT, futures on the S&P 500 were trading 2 points above fair value. Nasdaq 100 futures were 1 point below fair value. On Monday, Alcoa posted a 62% year-over-year increase in its second-quarter profits, but its revenue fell short of Wall Street's expectations. The aluminum producer had earnings of $744 million, or 85 cents a share, up from $460 million, or 52 cents a share, a year earlier. Earnings from continuing operations totaled $752 million, or 86 cents a share. Alcoa's revenue rose to $7.96 billion from $6.69 billion a year earlier, but analysts were looking for $8.02 billion. Elsewhere, Lucent, the New Jersey-based telecom gearmaker, lowered its third-quarter guidance, citing a slowdown in wireless sales. Lucent forecast a profit of 2 cents a share for the latest quarter on revenue of $2.04 billion. Analysts surveyed by Thomson Financial were looking for a 4-cent profit on sales of $2.34 billion. While Lucent's guidance could weigh on the tech sector, the company's days of cutting its projections are drawing to an end. The company is planning to merge with France's Alcatel ( ALA), and it said the transaction is on track to close by the end of the year. Lucent added that the companies should be able to meet their cost-cutting targets. Away from stocks, the 10-year Treasury was up 2/32 in price and yielding 5.12%. The dollar was lower against the yen and the euro. Overseas equities were lower. London's FTSE 100 was off 0.2% at 5887, and Germany's Xetra DAX was down 0.7% to 5668. Japan's Nikkei lost 0.5% to 15,474, and Hong Kong's Hang Seng fell 0.7% to 16,490.