NEW YORK (AP) -- Wall Street headed for a lower open Tuesday as investors reacted to downbeat first-quarter results from the financial and homebuilding industries and watched oil prices hit a new record near $121 a barrel.
With oil and other commodities prices at all-time highs, investors are worried that spending by U.S. consumers and companies may be crimped - even if other economic factors improve later in the year.
Investors were disappointed Tuesday by first-quarter results from homebuilder D.R. Horton Inc., government-sponsored mortgage lender Fannie Mae and Swiss bank UBS.
D.R. Horton reported a quarterly loss of $1.3 billion and halved its dividend to 7.5 cents a share, while Fannie Mae posted a quarterly loss of $2.2 billion and said it would cut its dividend as well. UBS reported a loss of nearly $11 billion and said it is reducing its work force by about 7 percent.
In pre-market trading, D.R. Horton fell 6 percent, Fannie Mae dropped nearly 10 percent, and UBS fell more than 2 percent.
Dow Jones industrial average futures fell 10, or 0.08 percent, to 12,957. Standard & Poor's 500 index futures fell 2.30, or 0.16 percent, to 1,406.00, and Nasdaq composite futures fell 3.50, or 0.18 percent, to 1,977.00.
Later Tuesday, after the market closes, investors will parse earnings from Walt Disney Co., one of the 30 companies that make up the Dow, and Cisco Systems Inc., the computer networking equipment maker.
To investors' relief, most companies outside the battered financial and housing sectors have fared better in the first quarter of the year than many analysts anticipated. Those stronger-than-expected results over the past few weeks have helped the stock market rebound to levels not seen since early January.
On Monday, however, stocks retreated following Microsoft Corp.'s decision late Saturday to withdraw its bid for Yahoo Inc., and as oil prices surged to a new record.
In premarket electronic trading Tuesday on the New York Mercantile Exchange, light, sweet crude futures rose 4 cents to $120.01 a barrel after reaching $120.93 a barrel overnight.
Gold prices climbed, and the dollar traded mixed against other major global currencies.
Bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.86 percent from 3.87 percent late Monday.
Overseas, Japan's stock market was closed. By afternoon trading in Europe, Britain's FTSE index fell 0.57 percent, Germany's DAX index fell 0.71 percent, and France's CAC-40 fell 0.61 percent.
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