Stock Market Today: Stock Futures Slip Ahead of Alcoa's Earnings

NEW YORK (TheStreet) -- U.S. stock futures were drifting lower amid weakness in the international markets and as the second-quarter earnings season unfolds.

Ongoing chatter about an earlier-than-expected rate hike by the Federal Reserve continues to underpin market caution.

Dow Jones Industrial Average futures were down 16 points, or 12.21 points below fair value, to 16,930. S&P 500 futures were dipping 2.25 points, or 1.7 points below fair value, to 1,968.75. Nasdaq futures were inching 1.5 points lower, or 0.16 points below fair value, to 3,902.8.

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Second-quarter earnings season unofficially begins Tuesday after the markets close with the announcement of Alcoa's (AA) results. The aluminum maker is forecast by Wall Street to report second-quarter earnings 12 cents a share on revenue of $5.66 billion.

The U.S. market calendar on Tuesday includes Consumer Credit for May at 3 p.m. EDT.

European stocks continued to lose steam on Tuesday, as disappointing corporate news and an unexpected U.K. manufacturing slump caused some jitters. Furthermore, German imports and exports declined more than expected in May, signaling a weakening of Europe's largest economy.

Asian stocks were mixed. In Hong Kong, the Hang Seng was unchanged at 23,541.38, while in Tokyo the Nikkei shed 0.42% to 15,314.

On Monday, U.S. benchmark indices tumbled after a record-breaking run to close out last week.

In addition to Alcoa, companies to watch Tuesday include Apple (AAPL), Box, General Motors (GM), Germany's Commerzbank and Deutsche Bank (DB), and Crumbs (CRMB).

Apple CEO Tim Cook is actively seeking new directors to add to Apple's eight-person board, The Wall Street Journal reported. Box, the online-storage startup, raised $150 million in funding from private-equity firm TPG and hedge fund Coatue Management, the company said on Monday in a regulatory filing. General Motors has resisted recalling almost 1.8 million full-size pickup trucks and sport utility vehicles from the 1999 to 2003 model years for corrosion-related brake failures, saying the issue is one of maintenance, The New York Times reported.

U.S. authorities have begun settlement talks with Germany's Commerzbank and Deutsche Bank over their dealings with countries blacklisted by the United States, Reuters reported.

Crumbs, the cupcake shop, said it will close all its stores a week after it was delisted from the Nasdaq.

-- By Andrea Tse in New York

 

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