Updated from 7:03 a.m. EDT
Here are 10 things you should know for Tuesday, April 8:
1.-- U.S. stock futures were bouncing back slightly after two days of Wall Street losses, mainly on the back of a selloff in technology shares.
European shares were trading flat to lower early Tuesday. Asian stocks ended the session mostly higher. But Tokyo's Nikkei 225 tumbled 1.4% after Japan's central bank refrained from expanding its ultra-loose monetary policy.
2.-- The economic calendar in the U.S. on Tuesday is quiet.
3.-- U.S. stocks on Monday tumbled, extending Friday's selloff amid concerns of over-inflated valuations in technology and biotechnology as investors turned toward value stocks.The Dow Jones Industrial Average closed down 1.02% to 16,245.87, while the S&P 500 finished off 1.08% to 1,845.04. The Nasdaq shed 1.16% to close at 4,079.75. 4. -- Citigroup (C) will pay $1.13 billion to settle claims by investors seeking that the lender buy back billions in residential mortgage-backed securities. As part of the settlement, Citigroup said it will take a charge of about $100 million for the first quarter.
The Wall Street Journal reported Tuesday that Citigroup is warning investors it may miss a key profitability target after the Federal Reserve rejected the bank's capital plan last month.
The Fed on March 26 shot down thebank's proposal to boost its dividend and ramp up stock buybacks, saying it had failed to measure potential risks to its operations during a severe economic recession.
The rejection makes it unlikely Citigroup can hit its 2015 goal for return on tangible common equity, people familiar with the matter told the Journal.
Citigroup shares 0.1% in premarket trading on Tuesday.
Takeda, the biggest drugmaker in Japan, said Tuesday it will "vigorously challenge" the decision. The legal fight turned on whether Actos, which is a drug used to treat type-two diabetes, caused a patient's bladder cancer and by implication was responsible for other cases of the cancer. Takeda and Eli Lilly are facing numerous other lawsuits over the drug, which alleged failure to warn about side effects and concealment of its health risks.
6. -- Alcoa (AA), the aluminum giant, is expected by Wall Street to report after Tuesday's closing bell first-quarter profit of 5 cents a share on revenue of $5.55 billion. 7. -- Nokia (NOK) received the OK from Chinese authorities to sell its mobile phone business to Microsoft (MSFT).
The approval removes one of the last major hurdles to the $7.3 billion deal. Nokia said it expects the deal to close this month.
Nokia shares rose 4.2% in premarket trading to $7.52. Microsoft shares fell 0.4%.
Sales were flat at 53 trillion won at the world's largest maker of smartphones, televisions and memory chips.
Samsung plans to release full quarterly results later in April.
GM shares rose 0.4% in premarket trading to $34.26. 10. -- The Connecticut Huskies won their second NCAA national championship in four years on Monday night, scoring a 60-54 victory over Kentucky. -- Written by Joseph Woelfel
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