April 11, 2012- Stocks Look to Confirm Support After Steep Losses

The major U.S. index futures are pointing to a modestly higher opening on Tuesday, with sentiment improving from the extreme weakness that was prevalent yesterday. The impending reporting season may give some reason for traders to stay invested in stocks. Oil is trading lower and the dollar is seeing some weakness. Though optimism is not welling up, traders are likely to remain hopeful of the recovery being preserved. The U.S. first quarter reporting season unofficially commences today, with aluminum producer Alcoa (AA) kick starting the season after the markets close. The company is expected to report a loss of 4 cents per share on revenues of $5.77 billion, down 3.20 percent year-over-year. U.S. stocks tumbled on Monday in reaction to Friday’s report showing weaker than expected job growth in March. Job jitters kept sentiment subdued for much of the session before the major averages closed notably lower. The major U.S. averages opened sharply lower and moved broadly sideways in the morning before paring some of the losses in the afternoon. The indexes moved sideways once again, ending the session firmly in the red.