Stock Futures Edge Lower After Citigroup Results

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Stock futures edged lower on Tuesday after Citigroup reported a marginal fall in adjusted quarterly profit from ongoing businesses after the Federal Reserve's decision to continue its bond-buying program for longer than expected slowed trading by clients.

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Stock futures edged lower on Tuesday after Citigroup reported a marginal fall in adjusted quarterly profit from ongoing businesses after the Federal Reserve's decision to continue its bond-buying program for longer than expected slowed trading by clients.

Citigroup (C.N) shares were off 1.6 percent at $48.80 in premarket trade. The bank's third-quarter net income, adjusted for certain items, slipped to $3.26 billion, or $1.02 per share, from $3.27 billion, or $1.06 per share a year earlier.

Futures were initially higher prior to Citigroup results on signs of progress in Washington toward a deal to reopen the government and lift the debt ceiling as the Oct 17 deadline approaches.

In a busy day of earnings, companies that are due to report are Yahoo! Inc (YHOO.O) and Intel Corp (INTC.O) after the bell.

Coca-Cola Co (KO.N) reported higher quarterly earnings and lower revenue on Tuesday, helped by strong global sales of its Coca-Cola brand products but challenged by volatility in some parts of Europe. The stock was up 1.1 percent at $38.33.

In economic news, the New York Federal Reserve's Empire State Manufacturing survey is due at 8:30 a.m. ET (1230 GMT).

A month of combat in the U.S. Congress over government spending showed signs late Monday of giving way to a Senate deal to reopen shuttered federal agencies and prevent an economically damaging default on federal debt.

Senate Majority Leader Harry Reid, a Democrat, and his Republican counterpart, Mitch McConnell, ended a day of constant talks with optimistic proclamations, as details leaked out of the pact they were negotiating.

Christopher Bailey, the designer credited with restoring the cachet to fashion brand Burberry (BRBY.L), is to become chief executive next year when long-standing boss Angela Ahrendts will move to Apple APPL.O.

Ahrendts, who has been Burberry boss for eight years, during which time its share price has soared about 250 percent, will take up a newly created position at Apple as a senior vice president with oversight of retail and online stores. She will report directly to CEO Tim Cook.

Shares of Teradata Corp (TDC.N) fell nearly 16 percent in premarket trade, a day after plunging 110 percent late Monday after the data analytics firm cut its full-year earnings forecast by about 10 percent.

S&P 500 futures lost 1.5 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 10 points while Nasdaq 100 futures added 5.75 points.

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