U.S. Stock Futures Point to Higher Open Ahead of FOMC Minutes; Citigroup Reportedly Close to $7 Bln Settlement With DoJ

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U.S. stock futures were slightly higher Wednesday, after aluminum giant Alcoa ( AA ) Tuesday night kicked off the earnings season by reporting adjusted Q2 earnings and revenue that exceeded Street expectations and as Citigroup was reportedly close to reaching a settlement with the U.S. Justice Department on mortgage sales.

There are no major economic data due Wednesday morning, but at 2 p.m. ET the Federal Open Market Committee will release minutes from its last meeting. Investors will be looking for commentary on recent economic activity and the Fed's outlook. Both could have implications for the timing of the first rate increase. While the jobs numbers from last week were much better than expectations, the minutes will be from last month.

Alcoa ( AA ) shares were up more 2.6% in recent pre-market trading . At the other end of the spectrum, shares of Gigamom ( GIMO ), a provider of traffic-visibility solutions, plummeted 33% as the company cut its Q2 revenue

guidance below analysts' expectations. The earnings deluge starts in earnest next week.

Citigroup ( C ) edged higher before the bell amid reports it is close reaching a $7 billion settlement deal related to mortgage sales that took place in the time leading up to the financial crisis.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.10%

-S&P 500 futures up 0.12%

-Nasdaq 100 futures up 0.14%

-Nasdaq-100 Pre-Market Indicator up 0.11%

GLOBAL SENTIMENT

Nikkei down 0.08%

Hang Seng down 1.55%

Shanghai Composite down 1.46%

FTSE-100 down 0.31%

DAX-30 up 0.18%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: unchanged to higher

(+/-) Software stocks: unchanged

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+) Drug stocks: unchanged to higher

(+) Financial stocks: unchanged to higher

(+) Retail stocks: unchanged to higher

(+) Industrial stocks: unchanged to higher

(+) Airlines: higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) AAL (+5.3%) Sees Q2 passenger revenue per available seat mile up 5.5%-6.5%

(+) SDRL (+4.3%) Cancels $1 billion convertible bond issuance

(+) LXRX (+11.5%) Collaborates with JDRF for phase 2 trial on type 1 diabetes drug

(+) TSL (+2.4%) To supply 200MW photovoltaic modules to Zonergy in China

(+) BLUE (+3.4%) Prices 3-million-share-sale at $34 each

DOWNSIDE MOVERS

(-) CELG (-1.6%) Phase 3 study of Otezla for Ankylosing Spondylitis doesn't meet primary endpoint.

(-) MSM (-3.0%) Q4 guidance fall short of street views

(-) SLXP (-5.7%) To merge with Cosmo pharmaceutical

(-) MRVL (-2.5%) Oppenheimer cuts to underperform vs market perform

(-) TCS (-14.5%) Reports larger fiscal Q1 loss than expected; same store sales slip

(-) RARE (-2.9%) Prices 2-million-share-sale at $40 each

(-) SIMG (-11.8%) Lowers Q2 outlook to below street viw



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AA , GIMO , C

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