EmailS&P futures indicate a down open of about 19 points. The negative tone is due to a major setback in hopes for a fiscal cliff compromise. Not much else matters.
House Republican leader Boehner pulled his plan for a vote on an alternative to the impending fiscal cliff laws and sent House members home through Christmas. Apparently, he did not have Republican votes for his plan.
Asian equity markets were down a little less than 1%, with the Japanese index down .99% and the Chinese index down .69%. As of this posting, European equity markets were down about one-half of one percent.
Economic data this morning include a 0.7% increase in November durable goods news orders (+1.6% excluding transportation), a 0.6% gain in November personal income, and a 0.4% gain in November personal consumption spending. All of these data were better than expected yet, as noted above, none are of any immediate consequence given the setback in the fiscal cliff negotiations.
Dick Green
Chairman, Briefing.com
