Overnight selling pressure in Asia and Europe has U.S. investors looking for a weaker opening. With no major economic reports today, investors will be focusing on earnings. After the stock market close today, Alcoa is expected to kick-off earnings season with a second-quarter report showing a 19 cents per share gain.

Recently analysts lowered earnings expectations for the second quarter because of European sovereign debt problems and weaker than expected U.S. economic data, this sets up the market for many favorable earnings surprises.

Besides the cautious approach by investors ahead of the Alcoa news, U.S. markets are reacting to the sell-off in the Japanese stock market. Japanese equities broke after the nation’s ruling party lost more seats than expected in Sunday’s upper-house elections.