TORONTO – The Toronto stock market headed for steep declines at the open Tuesday as the TSX reopens following the Thanksgiving holiday and catches up to the heavy losses racked up on New York markets in the previous session.The Canadian dollar lost 0.23 of a cent to 88.92 cents US.U.S. futures were little changed after worries about deteriorating global economic conditions fuelled a selloff on markets Monday.The Dow Jones industrial futures gained 16 points to 16,248 following a 233-point slide, the Nasdaq futures rose 2.3 points after losing 62 points while the S&P 500 futures climbed 4.3 points to 1,869.9 following a 4.3-point decline.The losses added to significant losses last week as the TSX tumbled almost 4% to its lowest levels since April while the Dow fell almost 3% as a string of disappointing German data and a global economic downgrade by the International Monetary Fund sparked a selloff across all sectors save real estate.It was the TSX resource sectors that took the most punishment as oil fell to 22-month lows, taking the energy sector down 7% for the week. Base metals, equally vulnerable to a global slowdown, fell almost 8%.Oil prices continued under pressure Tuesday morning with the November contract in New York down $1.03 to US$84.71.December copper was up a penny to US$3.05 a pound while December gold gained $6.10 to US$1,236.10 an ounce.There was further glum data from Europe’s biggest economy Tuesday as Germany’s ZEW survey of investment analysts fell for the tenth consecutive month in October, falling to minus 3.6 points from 6.9 points in September. That was worse than the zero expected by market analysts.Chinese growth has also been a major worry and traders failed to find reassurance from the country’s top economic planner that major water conservancy projects and other infrastructure investment will help ensure China meets its economic growth target of 7.5% for the year. Last week, the IMF said it expected the world’s second-biggest economy to grow by 7.4% this year.On the corporate side, Canadian Pacific Railway will be in focus after news emerged that the railway made a pitch for U.S. railway CSX. CSX reportedly rebuffed the offer last week and it is unclear whether CP will make another run at the company. CSX stock was up about 1% in pre-market trading in New York after gaining 6% Monday on speculation that CP won’t give up on acquiring the railroad, which would help it get North Dakota crude to American East Coast refineries.Traders also looked to major earnings from the U.S. financial sector. JPMorgan, the largest U.S. banks by assets, reported earnings of US$5.6 billion, or US$1.36 share, compared with a loss of US$380 million, or 17 cents a share, in the same period a year ago. Revenue for the period rose 5% to US$24.25 billion from US$23.12 billion a year ago. The results missed the expectations of Wall Street analysts who had forecast earnings of US$1.38 a share.