Wall Street stock futures pointed lower Tuesday on continuing concern about the fragile health of the global financial system.

U.S. President Barack Obama is set to sign the US$787 billion stimulus package into today. He is also scheduled to outline a plan on Wednesday to help stem mortgage foreclosures.

Investors will also be watching the U.S. auto industry as General Motors Chrysler submit recovery plans to the U.S. government today.

Here at home, the Canadian dollar opening at US79.14¢, down 1.89 cents from Friday’s close.

In today’s earnings news, Wal-Mart Stores said its fourth-quarter net income declined 7.4%. The retailer’s shares rose 0.5%.

In commodities news, gold prices climbed to nearly a seven-month high, with the bullion climbing to nearly US$963 an ounce.

Meanwhile, oil futures were down by roughly US$1.50, at around US$36 a barrel as the global economic downturn continues to curb demand for crude.

Overseas, Japan’s Nikkei 225 slid by 1.4%.

On Monday, Japan revealed worse-than-expected fourth quarter GDP numbers. The Japanese economy shrank 3.3% from the previous quarter, or at an annual pace of 12.7%.

Fears about the health of banks also pulled markets lower in Europe after the credit-ratings agency Moody’s Investors Service said that it may downgrade the ratings of lenders with exposure to Eastern Europe.

In London, the FTSE 100 was down by about 2% in recent trading. Germany’s Xetra DAX was down by 2.5%.

Financial markets in Toronto and New York were closed Monday for holidays.

On Friday, the benchmark index of the Toronto Stock Exchange finished the week in the red after shedding more than 100 points during Friday’s trading session.

The S&P/TSX composite index fell 100.68 points, or 1.2%, to close at 8,678.1. For the week, the index shed 3.7%.

Financial stocks took the biggest hit on Friday, dropping 2.4%.

The S&P/TSX Venture exchange advanced 9.77 points, or 1.1%, to close at 925.64.

U.S. stock markets also finished the week with losses.

Dow Jones industrial average slips 82.35 points, or 1%, to 7,850.41. For the week, the blue-chip index shed 5.2%.

The S&P 500 fell 8.35 points, or 1%, to 826.84, losing 4.8% on the week.

The Nasdaq Composite fell 7.35, or 0.48%, to 1,534.36, for a weekly drop of 3.6%.

IE