Stock index futures pointed to a lower open on Tuesday on concerns about the state of corporate profits after Bank of New York Mellon cut its quarterly dividend and DuPont warned of weak demand ahead.
Bank of New York Mellon Corp said first-quarter profit fell by more than half as fees tumbled, and the bank slashed its dividend 63 percent in an effort to build capital. Its shares tumbled 9.1 percent to $25.48 in premarket trade.
Chemical maker DuPont reported a 59 percent fall in quarterly earnings, cut its full year 2009 earnings forecast due to weak demand, and said it will undertake additional cost cutting measures.
S&P 500 futures dropped 5.00 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 slid 30 points, and Nasdaq 100 futures fell 6.50 points.
Stocks slid more than 3 percent on Monday after weak results from Bank of America reignited concerns over the state of the banking industry and the economy.
European shares were higher with Tesco leading retailers up, the day after investors worried that the recent strong run of corporate earnings was not sustainable.
The FTSEurofirst 300 <.FTEU3> index of top European shares was down 0.98 percent at 778.44 points.
Analysts predict Caterpillar , the world's No.1 maker of building equipment, to be the first blue-chip industrial to report a quarterly loss in this downturn.
Wells Fargo , the fourth-largest U.S. bank, is expected to report roughly a $3 billion profit, in line with its April 9 forecast.