Tuesday's afternoon trade: Wall Street drops one percent

US stock indices slid 1 percent on Tuesday as oil prices sank and Alcoa's leaner-than-expected revenue started the earnings season on a disappointing note. Energy stocks turned in the worst performance, with the S&P Energy Index losing 3.2 percent alongside oil prices. US crude futures fell 3.4 percent to $106.18 per barrel while Brent crude dropped 2.4 percent to $121.05. Dow component Chevron Corp dropped 3.2 percent to $104.32.
Alcoa Inc slid 6.6 percent to $16.60 and was the Dow's biggest percentage loser a day after it reported revenue that missed forecasts, though its profit topped consensus expectations. The Dow Jones industrial average was down 119.28 points, or 0.96 percent, at 12,261.83. The Standard & Poor's 500 Index was down 11.66 points, or 0.88 percent, at 1,312.80. The Nasdaq Composite Index was down 26.51 points, or 0.96 percent, at 2,745.