On the floor of the New York Stock Exchange.(Photo: Kathy Willens, AP)
Stock futures on Wall Street are tracking lower as the clock ticks
down on the White House and Congressional leaders to reach a budget deal
before a year-end deadline.
Ahead of the U.S. market open, Dow
Jones Industrial Average futures were off 45 points to 12,958. The
broader S&P futures lost 5.2 points to 1,405.50. Nasdaq futures
declined 10.75 points to 2,611.75.
Top congressional leaders are
meeting Friday afternoon for the first time since Nov. 16, and the House
of Representatives convenes Sunday evening, with one day remaining in
Global markets are watching the so-called fiscal cliff negotiations closely.
Europe, major benchmarks Friday hovered around the flat line in
anticipation of budget-related news. However, markets in Asia ended the
trading day in that region higher.
If no deal is reached, tax
hikes and spending cuts will automatically be set in motion and threaten
to push the economy back into recession.