Stock futures lower on shortened trading day

AP News
Posted: Dec 24, 2012 7:35 AM

NEW YORK (AP) — Stock futures are down in very light trading with markets set to close early for the holiday.

The driving force on markets Monday was so-called fiscal cliff, now just seven days away.

Dow Jones industrial futures are down 39 points to 13,097. The broader S&P futures have slipped 5.6 points to 1,420.30. Nasdaq futures are down 12 points to 2,648.50.

Key lawmakers are already predicting that much of their holiday season will be spent in Washington. Many believe that the most that will be achieved is a stop-gap measure to avoid the federal spending cuts and broad tax hikes that would take effect Jan. 1 if no budget deal is reached.

U.S. trading closes at 1 p.m. Eastern and a number of markets overseas, including Germany and Italy, are closed.