US stock futures were mostly lower on Monday as investors remained anxious ahead of bank earnings. Uncertainty over the fate of embattled automaker General Motors also pressurized the stocks before the opening bell.

At 8:21 am ET, Standard & Poor's 500 Index futures fell 5.90 points to 846.70. Dow Jones Industrial Average futures increased 33 points to 7970. Nasdaq Composite Index futures retreated 5.50 points to 1330.50.

Three big US banks are due to report quarterly results this week. While Goldman Sachs (NYSE: GS) reports on Tuesday, JPMorganChase (NYSE: JPM) and Citigroup (NYSE: C) are scheduled to report on Thursday and Friday, respectively.

The New York Times on Sunday reported that U.S. Treasury is directing General Motors Corp. (NYSE: GM) to lay the groundwork for a bankruptcy filing by a June 1 deadline, despite GM's public contention that it could still reorganize outside court.

Goldman Sachs (NYSE: GS) on Monday said that it has raised around $5.5 billion for a new fund designed to purchase private-equity investments at a discount on the secondary market.

Meanwhile, Express Scripts Inc. (NASDAQ: ESRX) announced that it has agreed to buy health insurer WellPoint Inc.'s (NYSE: WLP) pharmaceutical benefit management subsidiaries for just under $4.68 billion.

Tech Mahindra, a joint venture between India's Mahindra Group and U.K.'s BT Group won an auction for a controlling stake in Satyam Computer Services Ltd (NYSE: SAY), the company at the heart of India's largest corporate scandal.

According to the Wall Street Journal, U.S. banks that received money under the Troubled Asset Relief Program are facing a probe over increases in rates and fees on a range of routine transactions, including credit cards.

Seagate Technology (NASDAQ: STX) said Monday that for fiscal third quarter, it expects to report unit shipments of approximately 39 million for the third quarter and revenue of approximately $2.1 billion, exceeding the company's original outlook of $1.6 billion to $2.0 billion. Gross margin is expected to be approximately 7% to 7.5%, which is better than the earlier forecast of the company.

On Thursday, airplane maker Boeing (NYSE: BA) announced that it will cut back production of its 777 model at its Everett plant from seven planes a month to five and delay a plan to ramp up production of its 747 and 767 models. The move prompted credit rating Company Standard & Poor’s to place some of Boeing Co.’s long-term credit ratings on the “credit watch negative”list with“negative implications.”

European stocks advanced in afternoon trade. At 13:00 pm London time, the U.K. FTSE gained 58.19 points or 1.48% to 3,983.71. The German DAX and French CAC climbed 3.06% and 1.82% respectively.

Asian stocks finished mixed. The Nikkei 225 fell 39.68 points or 0.44% to 8,924.3. The broader Topix rose 0.4% to 848.97.

NYMEX crude oil for May delivery declined as much as $1.34, or 2.6% to $50.90 a barrel.
 
Disclosure: Author does not own any of the stocks discussed here.