U.S. stock futures slumped Tuesday, as investors prepared to take profits from the previous day’s rally amid a flood of earnings reports.

Here at home, traders will be watching the 9:00 ET policy announcement by the Bank of Canada. Analysts expect either a quarter-or half-point reduction in interest rates.

The Canadian dollar opened at US83.30¢, down 0.47 cent, ahead of the central bank’s decision.

There are no major economic releases from Statistics Canada today.

In today’s earnings news, Sun Life Financial Inc. reported a $396 million net loss, “significantly impacted by a deterioration in global capital markets.”

After markets closed Monday, Texas Instruments said net income dropped 27% on lower sales. The tech bellwether also said it expects fourth-quarter revenue to fall substantially, based on weak orders during the past few months.

Meanwhile, American Express reporting a smaller-than-forecast drop in third-quarter profit.

In Tuesday’s commodities news, oil off 75¢ at US$73.50 a barrel on the New York Mercantile Exchange.

Overseas, the Japanese Nikkei average gained 3.3%, rising 300.66 points to 9,306.25, but in Hong Kong, the Hang Seng lost 1.8%.

In Europe, the FTSE 100 index was up 0.5% early in the afternoon in London, while the Paris CAC-40 gained 1.6% and the German DAX edged higher by 0.3%.

On Monday, Canadian stocks climbed higher for a second day on Monday, as strength in energy and materials companies pulled the benchmark index up more than 7%.

The S&P/TSX composite index gained 688.91 points, or 7.2% to close at 10,251.40.

Junior companies on Toronto’s S&P/TSX Venture composite index gained 38.82 points, or 4.1%, to close at 984.94.

Equities south of the border also rose on optimism surrounding the possibility that another fiscal stimulus package is on the way.

The Dow Jones industrial average gained 413.21 points, or 4.7%, to 9,265.43. The S&P 500 index climbed 44.85 points, or 4.8%, to 985.40, and the Nasdaq composite index rose 58.74 points, or 3.4%, to 1,770.03.