Investors considering Alcoa disappointment, Iraq concern as markets prepare for Wednesday's open.
April 7, 2004: 6:30 AM EDT
NEW YORK (CNN/Money) - Alcoa's earnings disappointment and more reports of U.S. casualties in Iraq could influence Wednesday's U.S. stock trading.
Early Wednesday, futures pointed to a mixed start for the major indexes.
Alcoa, the world's largest aluminum maker, posted first-quarter earnings late Tuesday that were higher than a year earlier. But they were below what analysts expected, and were hurt by higher-than-expected energy costs and lagging sales in the cans and packaging business.
Among U.S. stocks trading in Europe, Alcoa shares were down nearly 3 percent.
In Iraq, reports indicated that as many as 12 Marines were killed Tuesday in Ramadi, and there were clashes between Americans and insurgents in other parts of the country as well. The conflict raises questions about how much control the U.S. has in the year after the war that deposed Saddam Hussein. The Bush administration says that it intends to stay on plan for turning control of the nation to Iraqi officials at the end of June.
For details of Tuesday's session, click above
The Nasdaq composite index is coming off a nearly 1 percent decline, triggered in large part by concern about the telecom sector after a warning from cellphone maker Nokia. The Dow Jones industrial average managed a 0.1 percent gain (see chart for details).
Asian-Pacific stocks ended mostly higher, although Tokyo's Nikkei index slipped 0.5 percent. European markets gained ground in morning trade. (Check the latest on world markets)
Treasury prices slipped, sending the 10-year note yield up to 4.17 percent from 4.15 percent late Tuesday. The dollar edged up against the yen, but was slightly lower versus the euro.
Brent oil futures pulled back 12 cents to $31.05 a barrel in London, where gold rose.
After the close Wednesday, Internet portal Yahoo! (YHOO: Research, Estimates) issues its quarterly results. The company is expected to show a first-quarter profit of 10 cents a share, up from 8 cents a year earlier, according to a consensus of analysts surveyed by First Call.
Voters in Inglewood, Calif., rejected a proposal Tuesday that would have allowed Wal-Mart Stores (WMT: Research, Estimates) to build a supercenter unencumbered by local zoning and environmental regulations.
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