US stock futures rise to start new week; Citigroup's shares climb after announcing settlement

MarketsAssociated Press

Stock futures are climbing on Monday, as investors look to shake off the worst week for the stock market in three months. Citigroup's shares rose after it turned in better earnings and revenue than Wall Street expected.

KEEPING SCORE: Dow Jones industrial average futures were up 76 points, or 0.5 percent, to 16,957 as of 8:45 a.m. Eastern time.

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Standard & Poor's 500 index futures advanced eight points, or 0.4 percent, to 1,970, while Nasdaq 100 futures added 18 points, or 0.5 percent, to 3,916.

Last week, investors turned cautious with the market trading near all-time highs and big companies began to post second-quarter earnings. The S&P 500 lost 0.9 percent for the week, its worst showing since April.

CITI: Citigroup's profit sank in the second quarter but both earnings and revenue came in better than analysts had estimated. The bank also agreed to pay $7 billion to settle a federal investigation into the mortgage bonds it sold ahead of the financial crisis in 2008. In premarket trading, Citi's shares rose $1.88, or 4 percent, to $48.88.

A DEAL: The generic drugmaker Mylan said it will buy Abbott Laboratories' generic-drug business in developed markets for $5.3 billion. The combined company will be organized in the Netherlands, which will cut its tax bill. The company will keep its headquarters near Pittsburgh.

Mylan's stock added $2.10, or 4.2 percent, to $52.30 in premarket trading, while shares of Abbott gained 94 cents, or 2.3 percent, to $42.24.

OTHER MARKETS: In the market for U.S. government bonds, the yield on the 10-year Treasury note was 2.53 percent, up just slightly from 2.52 percent late Friday. The price of oil slipped 17 cents to $100.66.