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TheStreet Open House

Stock Futures Fall on Budget Stalemate

NEW YORK ( TheStreet) -- Stock futures were suggesting Wall Street would open lower in Monday's pre-holiday shortened session as "fiscal cliff" talks in Washington remain stalled.

Discussions over striking a budget deal before the Jan. 1 deadline aren't likely to resume until Thursday at the earliest as Congress and President Obama take a Christmas break.

"Hopes faded long ago for anything meaningful coming out of this fiscal cliff debate, but now we're seeing downright pessimism in the market," said Sonny Tahiliani, managing director at MacroMoves. "Lawmakers may want to revisit the CBO's projections on the hit to GDP and seek to connect the dots, because risking a recession inside of an output gap is dangerous territory. The Fed will be forced to act in a bolder way should compromise fail to materialize."

Futures for the Dow Jones Industrial Average were down 36 points to 13,100. Futures for the S&P 500 were down 4 points to 1421.90. Futures for the Nasdaq were lower by 11.50 points to 2649.

Trading volumes are expected to be light on Christmas Eve. Stock markets in the U.S close Monday at 1 p.m. EST.

The economic calendar in the U.S. Monday is bare.

U.S. stocks fell on Friday, dragged down by House Speaker John Boehner's failure to get Republicans to follow his back-up plan on the so-called fiscal cliff.

In overseas markets Monday, the FTSE 100 in London was rising by 0.2%, while the DAX in Germany was off by 0.5%. Hong Kong's Hang Seng index closed the trading session with a gain of 0.1%. Japanese markets were closed.

Gold for February delivery was up $2.60 at $1,662.70 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil contracts were down 18 cents at $88.48 a barrel. .

The benchmark 10-year Treasury was trading at 1.77%. The U.S. dollar index was at 79.44.

In corporate news, federal agencies are examining allegations that Regions Financial (RF) improperly classified loans that went bad during the financial crisis, The Wall Street Journal reported, citing depositions filed as part of a civil lawsuit against the bank.

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