Stocks index futures fell on Tuesday in the wake of a disappointing revenue miss from Alcoa and Japan's upgrade of the severity of its nuclear crisis.
Investors were cautious after Japan raised the severity of the Fukushima nuclear power plant accident to the highest level on the International Nuclear and Radiological Event Scale, putting it on par with the Chernobyl 1986 disaster.
Earnings news will be another focus after Alcoa Inc
Mining stocks will also be in focus as metals prices fell on worries Japan's massive earthquake and a nuclear crisis would weaken recovery prospects in the world's third-largest economy.
Selling in key commodities were also triggered after Goldman Sachs
The concern expressed by Alcoa on Japan may be repeated by some other companies. The cautiousness that is associated with Japan will be a reoccurring theme throughout the earnings season, said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.
Brent crude futures pushed up to around $124.50 a barrel on Tuesday, edging up from a sharp fall, as the International Energy Agency issued a fresh warning that high prices could erode demand.
S&P 500 futures fell 6.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 48 points and Nasdaq 100 futures shed 10 points.
Looking at merger and acquisition news, two sources familiar with the matter told Reuters that Hewlett-Packard Co
On the economic data front, international trade, and import and export prices data are due at 8:30 a.m. ET.
In other corporate news, Chevron Corp
Also, a former private equity executive was sentenced to 13 years and four months in prison for his role in a real estate investment fraud that federal authorities have called a $255 million Ponzi scheme targeting Orthodox Jews.
The Wall Street Journal reported that the Bank of America Corp's
U.S. stocks mostly fell on Monday, with energy shares selling off on lower oil prices and concerns that company outlooks may fall short of expectations.
(Reporting by Angela Moon, Editing by Chizu Nomiyama)