Stocks set to pull back
Reports from Apple, American Express and Wachovia set the stage for a big opening selloff.
NEW YORK (CNNMoney.com) -- U.S. stock futures tumbled Tuesday as investors digested disappointing reports from Apple, American Express and Wachovia, and listened to Treasury Secretary Henry Paulson urge Congressional action to boost Fannie Mae and Freddie Mac.
At 8:30 a.m. ET, Nasdaq and S&P futures were lower, suggesting opening losses for Wall Street.
Stocks ended Monday's session modestly lower.
Techs: In the tech sector, Apple (AAPL, Fortune 500) reported a rise in quarterly profit after the market close Monday. But the iPod and iPhone maker disappointed investors with a weak outlook for the current period.
Yahoo (YHOO, Fortune 500) was due to report after the market close. Yahoo settled a bitter fight with activist investor Carl Icahn Monday by giving him a seat on its board and the right to appoint two other seats.
Financials: After the market close Monday, American Express (AXP, Fortune 500) reported a smaller-than-expected quarterly profit and withdrew its full-year earnings forecast. The company said the economic environment "has weakened significantly" since it issued its profit outlook in January.
Wachovia (WB, Fortune 500) posted a net loss of nearly $9 billion, and an operating loss of $2.67 billion that exceeded analysts' forecasts.
Washington Mutual (WM, Fortune 500) was on tap after Tuesday's close.
The company's results came as several banks, including JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500), have reported results that exceeded analysts' expectations.
Economy: Paulson, speaking in New York, called on Congress to pass a bill to support mortgage lending giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500).
Energy: The Senate was due to hold a hearing Tuesday morning on energy security. Witnesses due to testify included oilman T. Boone Pickens, who has advocated a massive commitment to wind technology.
Oil prices turned lower, with the August contract for light, sweet crude down 38 cents to $130.66 a barrel
Other earnings: Chemical company DuPont (DD, Fortune 500) posted higher-than-expected earnings. The company also said it expected an earnings decline in the second half of the year, compared to a year earlier.
Other markets: Markets in Asia finished the session mixed. European markets tumbled in early trading. 
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