U.S. stock futures fell on Tuesday morning as crude oil futures rose to an all-time high near US$121 a barrel overnight, and earnings from UBS and Fannie Mae spelled more trouble for the financial sector.

In today’s earnings news, Swiss bank UBS reported a first-quarter loss of 11.5 billion Swiss francs or US$10.97 billion. UBS also said it will eliminate 2,600 jobs in its investment banking division and 2,900 positions elsewhere in the company.

Fannie Mae, America’s largest buyer and backer of home loans, lost US$2.2 billion in the first quarter as mortgage delinquencies mounted.

NYSE Euronext beat expectations after reporting its quarterly profit jumped to US$230 million from US$68 million thanks to its acquisition of the European stock-exchange operator Euronext.

Here at home, Sun Life Financial Inc. reported a 7% rise in first-quarter profit to $533 million.

Pengrowth Energy Trust posted a first-quarter net loss of $56.6 million. That included $165.7 million in unrealized hedging losses and $36.6 million in unrealized foreign exchange losses.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened off 0.04 cent at US96.63¢

Light, sweet crude for June delivery rose to a record US$120.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract later retreated to US$120.06 a barrel, up 9¢ from Monday’s close.

Gold futures advanced US$2.50 to US$876.60 an ounce.

Overseas, Japan’s stock market remained closed for a holiday. The FTSE 100 index was off 0.4% near midday in London, while Germany’s DAX index and the Paris CAC-40 each declined fell 0.5%.

On Monday, Toronto stocks finished flat as a selloff in banking shares offset surging resources issues.

The S&P/TSX composite index slipped 5.94 points, or 0.04%, at 14,274.34.

The junior S&P/TSX Venture composite index dipped 1.75 points, or 0.07%, to 2,493.76.

In New York, U.S. stocks fell on worries that Bank of America Corp. may walk away from buying troubled lender Countrywide Financial Corp., while record oil prices increased worry about consumer spending.

The Dow Jones industrial average finished down 88.66 points, or 0.68%, at 12,969.54. The S&P 500 shed 6.41 points, or 0.45%, to 1,407.49. The Nasdaq composite index lost 12.87 points, or 0.52%, to 2,464.12.