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).

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