Stocks to focus on bottom line
But before investors see Alcoa's second-quarter results, they'll consider Google's new challenge to Microsoft.
NEW YORK (CNNMoney.com) -- U.S. stocks were set to open little changed Wednesday after Google announced a challenge to Microsoft's computer system dominance and investors prepared for Alcoa's second-quarter results.
At 6:53 a.m. ET, the Dow Jones industrial average, S&P 500 and Nasdaq-100 futures were slightly lower, trading within a narrow range throughout the morning.
Futures measure current index values against the perceived future performance. They can be used as a forecast for trading after the bell, but they're not always an accurate harbinger.
On Tuesday, stocks tumbled to two-month lows amid fears that the market has gotten ahead of itself when it comes to the economy staging a sustained recovery. A triple-digit tumble sent the Dow to its lowest point since April 28.
"We have sold off quite aggressively," said Manus Cranny, market analyst at MF Global in London. He added that the markets may have hit their bottom for the "short term" as many investors will probably hold off until earnings reports for the second quarter get underway.
"Alcoa, that's going to be our first litmus test," he said.
Company news: Wall Street is bracing for the start of the second-quarter reporting period, which unofficially kicks off after the close Wednesday with Dow component Alcoa (AA, Fortune 500).
The aluminum producer is expected to post a loss of 38 cents per share, according to Thomson Reuters estimates. In the second quarter last year, Alcoa posted earnings per share of 66 cents.
Google vs. Microsoft: Google said late Tuesday that it will take on Microsoft's dominance of the PC operating system. The search engine leader said its new Chrome OS will be available for netbook computers beginning in the second half of 2010.
Google (GOOG, Fortune 500) shares closed down 3% Tuesday at $396.63.
Economic reports: May consumer credit is expected to have fallen $8.8 billion after falling $15.7 billion in the previous month. The Federal Reserve report is due in the afternoon.
The weekly crude oil supply report from the Energy Information Administration is due in the morning.
G8: The summit of the world's eight leading industrialized nations - the G8 - begins Wednesday in L'Aquila, Italy. President Obama is expected to speak about the economic outlook. The leaders of Japan, Britain, France, Italy, Germany, Canada and Russia will also speak.
Global markets: Asian stocks tumbled Wednesday, with Tokyo's Nikkei index finishing down 2.4%. London's FTSE edged higher at midday, but other European markets were lower.
Oil and money: The price of a barrel of oil fell 44 cents to $62.49 a barrel. On Tuesday, U.S. crude futures settled at the lowest level since May 26.
The dollar was higher against the euro and British pound, but lower versus the yen. 
