U.S. stock index futures pointed to a slightly higher open on Wednesday, following steep losses the previous session, but anxiety over the start of the earnings season dampened optimism.

Wall Street expects Alcoa Inc. to post a second-quarter loss Wednesday when the largest U.S. aluminum producer reports its earnings for a tough three months.

The recession prompted an analyst to downgrade Starwood Hotels & Resorts Inc. Wednesday. David Loeb of Robert W. Baird & Co., who lowered estimates for several hotel companies, said in a client note that the hotel sector likely won’t start to turn around until the second half of 2010, as opposed to his initial forecast for later this year.

Shares of Amgen Inc. jumped in premarket trading Wednesday after the company said its experimental osteoporosis drug denosumab met a key goal of preventing bone injuries in breast-cancer patients during a late-stage study.

The stock market headed toward a modestly higher start Wednesday as investors wait for aluminum maker Alcoa Inc. to give some guidance about the economy.

Consumers probably trimmed their borrowing in May as the recession bites into investment portfolios and home values while driving up unemployment.

Major stock indexes skidded 2 percent Tuesday as crude fell for the fifth straight day. Falling oil can help the economy by reducing costs, but investors are looking to the latest slide as an unwelcome prediction that demand for energy and basic materials will remain weak as the recession lingers.

Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE:

Casual dining chain operator Ruby Tuesday Inc. on Tuesday reported better-than-expected results for its fiscal fourth quarter, helped by cost cuts and a smaller decline in sales at established restaurants.

Internet filtering and security software maker Websense Inc. said Tuesday it expects adjusted earnings of 30 cents to 32 cents per share for the second quarter.