NEW YORK (TheStreet) -- Stock futures were little changed Tuesday as investors digested a disappointing earnings report from Citigroup (C)against comments on CNBC by influential hedge fund manager David Tepper that markets should go higher amid signs Senate leaders were closer to reaching a deal to extend negotiations on the debt ceiling and funding the U.S. government.
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.
Citigroup (C) shares were slipping 0.87% to $49.23 after reporting worse-than-expected third-quarter profit as declining revenue was only partially offset by improvements in credit quality and expense reduction.