Uneasy mood on Wall Street

Futures slip ahead of string of earnings reports; plan to help troubled borrowers due to be unveiled.

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February 12 2008: 5:39 AM EST

Stimulus bust
Most Americans are likely to spend their rebate checks to pay off debt which will not boost the economy.

LONDON (CNNMoney.com) -- U.S. stock futures fell early Tuesday as investors remained nervous about the widening scope of the credit fallout and awaited a string of earnings reports.

At 5:21 a.m. ET, Nasdaq and S&P futures were indicating declines at the start of trading.

Several firms are due to report earnings before the market open, including automaker General Motors (GM, Fortune 500), insurer Marsh McLennan (MMC, Fortune 500), drugmaker Schering Plough (SGP, Fortune 500) and brewer Molson Coors (TAP, Fortune 500).

A fresh bout of credit fears were sparked Monday when financial giant AIG warned it may take further losses from insuring complex debt instruments backed by subprime home loans. Despite those concerns, bargain hunting investors managed to help stocks finish the session higher.

On the economic front, a plan to offer broad mortgage relief to homeowners is due to be unveiled later in the day. The plan would allow homeowners to suspend foreclosures for 30 days while more affordable loans are worked out.

The participants of the plan include six of the nation's largest banks: Bank of America Corp (BAC, Fortune 500)., Citigroup Inc (C, Fortune 500)., Countrywide Financial Corp (CFC, Fortune 500)., JPMorgan Chase & Co., (JPM, Fortune 500) Washington Mutual Inc (WM, Fortune 500). and Wells Fargo & Co (WFC, Fortune 500).

In global trade, Asian stocks finished mixed. European shares edged higher as bargain hunters offset a steep drop in profit at Credit Suisse. The Swiss bank's fourth-quarter profit dropped 72% after it took credit-related writedowns. To top of page

6 big lenders to offer broad mortgage relief
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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.