NEW YORK (TheStreet) -- It's another day in the doldrums for U.S. stocks on Tuesday as investors wait for Wednesday to provide market-moving news.
Until then, traders have only scraps of economic data on which to gauge the mood of the markets. The International Monetary Fund pulled back on its macroeconomic growth forecasts, forecasting the global economy to expand 3.3%, slightly lower than a 3.4% increase anticipated in July. Full-year 2015 growth estimates were revised to 3.8% from a previous 4%.
On Wednesday, the Federal Open Market Committee will release the minutes of its meeting on Sept. 17. Investors will be kept busy as they parse the notes for clues on how soon an interest rate hike could come.
Watch the video below for a closer look at how U.S. markets started the trading day Tuesday:
Alcoa (AA) will mark the unofficial kickoff to earnings season after the bell Wednesday. Analysts anticipate third-quarter corporate earnings growth as a whole could increase more than 10%, according to S&P Capital IQ. Should that happen, it would mark the first consecutive quarters of double-digit growth since 2011.
Job openings increased to 4.835 million as of the last business day of August, up from 4.673 million a month earlier, according to the Labor Department's JOLTS report. The latest data on the U.S. jobs market supports a sunny snapshot given on Friday of U.S. unemployment at its lowest level in six years.
Major U.S. markets were sliding, following European markets downward. The S&P 500
European markets slid after another report indicated stagnating growth in Germany. In Europe's largest economy, industrial output fell 4% in August compared to an expected 1.5% drop. Concerns were mounting Germany could be headed into recession after data a day earlier showed the largest decline in factory orders since 2009.
In company news, Sodastream (SODA) shares were in freefall, down 20.6%, after management warned of a 13% drop in revenue this quarter. The homemade soda machine company has struggled with lower demand after Keurig (GMCR) entered the space via a partnership with Coca-Cola (KO) earlier this year.
A day after confirming its split into personal and corporate hardware companies, Hewlett-Packard (HPQ) announced another 5,000 layoffs tied to its turnaround plans. Since becoming CEO in 2011, Meg Whitman has overseen 55,000 job cuts as the company restructures amid fading PC demand.
Storage solutions retailer The Container Store's (TCS) third quarter augured poorly for the earnings season ahead after reporting weaker-than-expected results Monday evening. The company expects full-year earnings as high as 46 cents a share, short previous forecasts of 54 cents a share.
After falling sharply during Monday's session, GT Advanced Technologies (GTAT) was making up for some of those losses with shares up 19.2%. The Apple (AAPL) supplier shocked markets after filing for Chapter 11, causing shares to crater 92.8%.
Yum! Brands (YUM) will report third quarter earnings after the bell. Expectations have been tempered after the owner of KFC and Pizza Hut warned of same-restaurant sales in China down 13% over the quarter following a food supplier scandal in July.
-- Written by Keris Alison Lahiff in New York.