NEW YORK ( TheStreet) -- Stock futures were lower Monday as investors awaited the start of earnings season, excitement over the "fiscal cliff" deal faded and as the next leg of the battle over the country's financial future is about to begin.
Futures for the Dow Jones Industrial Average were falling 18 points, or 38.21 points below fair value, at 13,328. Futures for the S&P 500 were down 2 points, or 5.12 points below fair value, at 1455. Futures for the Nasdaq were down 4.75 points, or 10.74 points below fair value, at 2708.
"With the beginning of earnings season this week, investors will be looking closely at company commentary in light of the recent fiscal cliff crisis and the upcoming debt ceiling fight," said Mike Simmons, managing director and partner at HighTower's Simmons Wilkes Investment Advisors. "We believe the debt ceiling debate will be one of the major determinants of market performance in coming weeks."
Major U.S. stock averages ticked higher Friday after upbeat December jobs and services-sector growth reports.No major U.S. economic data releases were expected on Monday. The U.S. macro calendar will be relatively light this week. However, Federal Reserve officials are expected to make a number of speeches. Bank of America economists expect the doves to reiterate a need for additional accommodation amid a subpar recovery. The Bank of America economists advise fading the comments from the most hawkish members. Earnings season begins with Alcoa's (AA) fourth-quarter earnings report on Tuesday. The markets will be very interested in what companies have to say with regards to the recent fiscal cliff worries and the debt ceiling battle. Gold for February delivery was rising Monday by $6.30 at $1,655.20 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil contracts were off 31 cents at $92.78 a barrel. The benchmark 10-year Treasury was down 2/32, raising the yield to 1.907%. The dollar was up 0.08%, according to the
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