Anxiety Arises as Alcoa Kicks Off Earnings Season Storm

Index ETFs decline slightly in anticipation for earnings season Tuesday

SPY, DIA, QQQ, IWMIndex ETFs declined slightly Monday, likely in correction after last week’s gains and in anticipation for the new earnings season Tuesday.  The SPDR S&P 500 ETF (NYSEARCA:SPY) lost .27%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) lost .41%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) gained .03%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) lost .38%.

Monday was a relatively quiet day on Wall Street, however tomorrow will likely be different, as Alcoa (NYSE:AA) will kick off the Q4 2012 earnings season after market close, and Wells Fargo (NYSE:WFC) will follow up with its earnings report this Friday.  Tomorrow also brings us consumer credit reports as well as the NFIB Small Business Survey.

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In other news, multiple big banks in the United States including Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Citigroup (NYSE:C) agreed to pay $8.5 billion to settle bad mortgage claims…