US stocks poised to lower open Tuesday

US stocks were poised to open lower Tuesday, after downbeat corporate reports from aluminum company Alcoa Inc. and chip maker Advanced Micro Devices Inc. led off the first-quarter earnings season.

Alcoa, the world's third-largest aluminum producer, said its first-quarter profit dropped by more than half due to higher costs and a weakening U.S. dollar. The per-share profit of 44 cents was below the average analyst estimate of 48 cents. Alcoa stock fell 2.4 percent in pre-market trading.

Investors were also underwhelmed by news from the chip making sector.

Sales at Advanced Micro Devices for the three months ended March 29 fell 15 percent from the same period a year ago, due to product delays and tough competition from Intel Corp. AMD's $1.5 billion sales figure was below the average analyst estimate of $1.61 billion. The company said it plans to eliminate 10 percent of its work force, and its shares fell 3.2 percent in pre-market trading.

The dreary company reports Tuesday arrived ahead of the release of minutes from the Federal Reserve's meeting March 18, when it lowered interest rates by three-quarters of a point to 2.25 percent. Investors are also awaiting a National Association of Realtors report on pending home sales in February.

S&P 500 futures declined 6.5 points and were below fair value, a formula to evaluate pricing taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures fell 53 points, and Nasdaq 100 futures shed 10.75 points.

On Monday, the major indexes finished narrowly mixed ahead of earnings releases after the bell.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.50 percent from 3.53 percent late Wednesday.

Light, sweet crude fell 83 cents to $108.26 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Gold prices fell, while the dollar was mixed against other major currencies.

(Agencies)