U.S. stock index futures pointed to a lower open Tuesday as concerns about the European debt crisis continued to weigh and as investors digested a handful of mixed corporate earnings reports.
EU finance ministers rejected proposals by private bondholders over the extent of the “haircut” they were willing to acceptin order to avoid a Greek default on its debts in March.
Elsewhere, the International Monetary Fund’s (IMF) managing director, Christine Lagarde, told CNBCthe organization needs an additional $500 billion to help contain the spreading European debt crisis.
With about $150 billion committed from member countries so far, the IMF is seeking to convince its members that putting together a strong enough fund to block off euro zone contagion is vital for the global economy.
In a busy morning for earnings, DuPont slipped even after the chemical company reported earnings that topped expectations, but revenue missed estimates.
Johnson & Johnson posted earnings that beat expectations but shares tumbled after the drugmaker issued guidance that disappointed.
Travelers reported earnings that were slightly below analysts' forecasts.
Fellow Dow component Verizon reported a loss due to a non-cash pension charge and high costs from strong sales of the Apple iPhone. Apple is scheduled to post earnings after-the-bell tonight.
Meanwhile, McDonald's gained after the fast-food giant delivered quarterly results that beat expectations.
In corporate news Texas Instruments reported better-than-expected fourth-quarter chip sales as customers in a broad area of industries replenished depleted inventories.