Considerable weakness remains visible on Wall Street in early afternoon trading on Tuesday, as traders continue to cash in on the market's recent gains. Anxiety about the upcoming earnings season has inspired some of the profit taking.

Dow component Alcoa (AA) is scheduled to release its first quarter results after the close of trading, with the release of results from the aluminum producer seen as the unofficial start of the earnings reporting season.

Alcoa has said its first quarter results would continue to be negatively affected by the troubled global economic environment that has adversely affected pricing and demand for aluminum, alumina, and aluminum products.

However, with most companies expected to report disappointing first quarter results due to the weakness in the economy, any guidance provided by the companies is likely to have a more significant impact on the markets.

The major averages have moved roughly sideways in recent trading, lingering near their worst levels of the day. The Dow is currently down 164.87 at 7,810.98, the Nasdaq is down 30.32 at 1,576.39 and the S&P 500 is down 14.60 at 820.88.

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