The Dow Jones Industrial Average fell 25.65 points (0.30 per cent) to 8,573.53 in the first exchanges after a rocky week that saw blue chips lose 4.8 per cent.

The Nasdaq composite shed 2.38 points (0.15 per cent) to 1,569.21 and the broad-market Standard & Poor's 500 index declined 4.00 points (0.45 per cent) to 886.35.

The fourth-quarter earnings season kicks off Monday with Alcoa's results after the market close. The aluminum giant and others have already warned the weak economy will dent profits and revenues.

'It could be an ugly earnings season ahead,' said Mr Ed Yardeni at Yardeni Research.

'The question is whether investors won't be surprised that earnings were worse than expected by industry analysts during fourth quarter and will look ahead to an earnings recovery later this year.' -- AFP