Stock futures slip; focus on Obama, fiscal cliff
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Stock futures slip; focus on Obama, fiscal cliff
FRANKFURT (MarketWatch) — U.S. stock index futures traded on either side of unchanged Friday, with investors awaiting remarks by President Barack Obama after a sharp, two-day post-election selloff tied to worries over the so-called fiscal cliff and Greece’s ability to secure urgently needed fiscal aid.
Futures on the Dow Jones Industrial Average (CBOT
JZ2) fell 39 points, or 0.3%, to 12,736, while S&P 500 Index futures (GLC:SPZ2) lost 3.5 points, or 0.3%, to 1,371.80.
Nasdaq-100 futures (CME:NDZ2) lost 1.75 points, or 0.1%, to 2,570.25.
For now, “the primary market focus seems likely to remain on U.S. politics and the potential for a fiscal-policy accident in the months to come,” said Michael Gavin, strategist at Barclays in London.
The fiscal cliff refers to a combination of more than $600 billion in tax hikes and spending cuts scheduled for January unless lawmakers reach a deficit-reduction agreement. Failure to avoid the fiscal cliff would likely push the U.S. economy back into recession.
Obama is scheduled to deliver a statement on the economy and efforts to avoid the fiscal cliff Friday afternoon. See: Obama to discuss fiscal cliff, economy Friday .
http://www.marketwatch.com/story/stock-future...beforebell
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