Wall Street looked set to open sharply lower Tuesday, as a raft of disappointing earnings reports and corporate outlooks slammed futures and reignited concern over the long-term impact the credit crunch will have on consumers. Less than two hours before the start of trading, Dow Jones Industrial Average futures were 90 points lower at 11375. Dow component American Express had rattled investors late Monday when it posted worse-than-expected earnings and shelved its growth forecast for the remainder of the year. Problems at the credit card giant, which boasts a comparatively well-heeled customer base, could be a worrying sign about consumer spending. S&P 500 futures slipped 10.9 to 1250.7. Nasdaq 100 futures pointed to a second day of steep losses, plunging 32 points before the bell to 1795.5. The tech-heavy index took a hit after Apple offered bleaker-than-expected guidance when reporting earnings late Monday. Shares of the iPod maker were down 10% in premarket trade. Texas Instruments also disappointed investors with a weak third-quarter outlook. Its shares fell 12%.
