Stock Futures Cautious as Investors Await Budget Deal, Citigroup Slips
NEW YORK (TheStreet) -- Stock futures were little changed Tuesday as investors digested a disappointing earnings report from Citigroup
Investors have been cheering the possibility that congressional leaders were moving closer to achieving a temporary fix after President Barack Obama postponed a meeting with lawmakers amid signs of constructive talks between Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell.
The draft proposal would allow for a temporary funding bill that could reopen the government through January 15, suspend the debt-ceiling deadline until February 7 and create a blueprint for formal budget talks to end by December 15 with long-term recommendations regarding funding levels and reducing the U.S. deficit.
Futures for the S&P 500 were off 1.5 points, or 1.49 points below fair value, to 1,702.75. Futures for the Dow Jones Industrial Average were down 3 points, or 6.26 points below fair value, to 15,222. Futures for the Nasdaq were up 3.5 points, or 3.73 points above fair value, to 3,251.75.
The October Empire State manufacturing index report on Tuesday came in lower than expected showing an edge down to 1.5 so far this month from 6.29 in September. An edge up to 7 was expected by economists, on average.
The benchmark 10-year Treasury was falling 10/32, lifting the yield to 2.728%. The dollar was rising 0.39% to $80.58 according to the U.S. dollar index.
November crude oil futures were off 63 cents to $101.78 a barrel and December gold futures were sinking by $19.70 to $1,256.90 an ounce.
-- Written by Andrea Tse in New York
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