NEW YORK (AP) — U.S. stock futures fell Tuesday for a second day on weak quarterly results from corporations in the industrial and tech sectors.
Dow Jones industrial futures gave up 14 points to trade at 12,631. The broader S&P futures fell 2.5 points to 1,341.20. Nasdaq futures slid 1.3 points to 2,573.50.
Companies like DuPont are taking a hit on slowing business in Europe and Asia. The chemical maker posted a 3 percent decline in net income for the second quarter and revenue was short of Wall Street expectations. Shares edged lower in premarket trading Tuesday, as did shares of UPS.
The United Parcel Service cut its earnings expectations and shares slid 4 percent. Like DuPont, UPS is seeing global economic weakness and says its customers fear a downturn later this year.
European markets stabilized Tuesday after a rough start to the week, even after Moody's Investors Service issued a negative outlook for Germany, the continent's dominant economy.
Moody's sees a growing burden for the most highly rates European countries that will be forced to step in and prop up countries like Spain and Italy. It also cited the "increased likelihood" that Greece would leave Europe's monetary union.
It also lowered the outlook for the Netherlands and Luxembourg late Monday.
Germany's DAX fell 5.58 points to 6,413.75. Markets in France, Spain, Japan and China fell as well.
Conditions overseas are hitting the tech sector before Apple Inc. and Netflix post quarterly results after the market closes.
On Monday, Texas Instruments was the latest tech company blaming economic conditions in reporting its results or outlook. Cisco Systems, the world's largest maker of computer networking equipment, said it would lay off about 1,300 workers, 2 percent of its payroll, because of global economic uncertainty.
Seagate Technology has already warned this month that quarterly revenue will fall below expectations after shipping fewer hard drives than expected and chipmaker Advanced Micro Devices lowered its guidance this month because of weaker-than-expected sales in China and Europe.
Analysts that follow Apple are looking for net income of $9.8 billion from the third quarter.
