Wall Street stock-index futures fell Tuesday at the start of first-quarter earnings season. Aluminum maker Alcoa kicks off the Q1 earnings parade after today’s closing bell.

Contributing to the gloomy outlook were reports that International Monetary Fund was set to forecast toxic assets on the balance sheets of financial sheets could reach US$4 trillion.

Here at home, Alberta Finance Minister Iris Evans will table the 2009 provincial budget after markets close.

In U.S. economic news, the U.S. Federal Reserve Board is scheduled to release consumer credit data for February. Economists expect a drop of US$1.3 billion.

Overseas, stocks were mostly lower. Japan’s Nikkei 225 Average ended down 0.3%, ending a four-session winning streak, and Hong Kong’s Hang Seng fell 0.5%.

European markets gave up early gains to trade lower, with financials in particular coming under pressure.

In commodities news, gold futures rose. Crude-oil futures slipped to about US$50 a barrel.

After dropping sharply early on Monday, the benchmark index of the Toronto Stock Exchange managed to pull back slightly by day’s end to finish down 0.6%.

The S&P/TSX composite index closed at 9,016.17, down 49.59 points.


Junior company stocks also declined, sending the S&P/TSX Venture composite down 12.42 points, or 1.3%, to 963.17.

In New York, the main market indices also retreated on Monday, with investors anxious as first quarter earnings season kicks off.

The Dow Jones industrial average fell 41.74 points, or 0.5%, to 7,975.85. It was the Dow’s first drop in five sessions.

The S&P 500 index shed 7.02 points, or 0.8%, to 835.48.

The Nasdaq composite index dropped 15.16 points, or 0.9%, to finish at 1,606.71.

IE