Wall Street was on the defensive again Tuesday morning, as the focus shifts to Q2 earnings and whether or not corporate profits can justify record levels across the major stock indices.
Futures were trading with modest losses, pointing to a lower open in the wake of weaker markets in Europe and most of Asia. Disappointing production data from the UK along with downbeat Swiss retail sales exacerbated the negative tone in European equities with all the major indices trading deep in negative territory.
In the U.S., Q2 earnings season kicks off after the closing bell with Alcoa ( AA ), expected to report higher earnings per share but a decline in revenue.
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