Futures dip as US hurtles toward fiscal cliff

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Associated Press

Posted on December 28, 2012 at 9:00 AM

Updated Friday, Dec 28 at 11:01 AM

NEW YORK (AP) — Stock futures are moving lower ahead of a last-ditch effort by the White House and GOP congressional leaders to hash out a budget deal before a year-end deadline strikes.

Dow Jones industrial futures are down 50 points to 12,953. The broader S&P futures have lost 6.3 points to 1,404.40. Nasdaq futures are down 9.25 points to 2,613.25.

Though many lawmakers say they are open to last-minute offers, few expect any offers of substance this late.

Top congressional leaders are meeting Friday afternoon for the first time since Nov. 16 and the House convenes Sunday evening, with one day remaining in 2012.

If no deal is reached, a slate of simultaneous tax hikes and spending cuts will automatically be set in motion and threaten to push the economy back into recession.

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