US Stock Futures Move Up On Deal On Banking Reforms

US stock futures moved up today, after a rally in the banking stocks. The banks got a lift after Congressional negotiators agreed on banking reform rules that were not as harsh as was feared. While futures on the S&P 500 added 4.6 points to 1075.10, those on the Dow Jones Industrial Average climbed 33 points. Meanwhile, Nasdaq 100 futures reversed its earlier losses to move up 3.5 points to 1853.00. In the early hours, Senate and House negotiators reached a deal on legislation for the banking sector. As part of the deal, some of the tighter restrictions proposed for banks have been eased. The deal has resulted in a 1%-2% rise in the shares of Bank of America Corp BAC, Goldman Sachs Group Inc GS and Citigroup Inc C. Apart from the financial sector, the companies that will be in focus today are Research In Motion Ltd RIMM, Oracle Corp ORCL and BP PLC BP. While RIMM fell despite posting a 20% profit growth for the fiscal first quarter, ORCL rose after it reported stronger-than-anticipated growth in its fiscal fourth-quarter profit. Overseas, markets across the world showed weakness, with the Stoxx Europe 600 falling 0.2% in late morning trade and Tokyo’s Nikkei 225 slipping 1.9%. Read more from Benzinga's Markets.