Futures Pointing To Modestly Lower Open On Wall Street

(RTTNews) - After ending the previous session modestly higher, stocks may give back some ground in early trading on Tuesday. The major index futures are currently pointing to a slightly lower open for the markets, with the Dow futures down by 14 points.

Disappointing corporate news may weigh on the markets, with shares of IBM (IBM) moving sharply lower in pre-market trading after the tech giant reported weaker than expected third quarter revenues.

IBM reported third quarter earnings that beat analyst estimates but on a bigger than expected drop in revenues. The company also lowered its full year guidance.

Industrial conglomerate United Technologies (UTX) also reported weaker than expected third quarter revenues, although its earnings for the quarter exceeded estimates.

Meanwhile, insurance giant Travelers (TR) reported third quarter earnings and revenues that came in above analyst expectations.

On the U.S. economic front, the Commerce Department recently released a report showing that housing starts rose more than expected in September.

The report said housing starts climbed 6.5 percent to an annual rate of 1.206 million in September from the revised August estimate of 1.132 million. Economists had expected housing starts to rise to a rate of 1.147 million.

At the same time, the Commerce Department said building permits tumbled 5.0 percent to an annual rate of 1.103 million in September from 1.161 million in the previous month.