US futures fall on new warnings about fiscal cliff

NEW YORK (AP) — Stock futures are head­ing lower after a warn­ing from White House econ­o­mists damp­ened what had been a huge week­end for retailers.

Dow Jones indus­trial futures fell 48 points to 12,913. The broader S&P futures have given up 5.8 points to 1,399.50. Nas­daq futures are down 6.25 points to 2,628.

Shop­pers flooded stores in record num­bers over the week­end, accord­ing to the National Retail Fed­er­a­tion. The orga­ni­za­tion says a whop­ping 247 mil­lion shop­pers vis­ited stores and web­sites dur­ing the Thanks­giv­ing hol­i­day, up 9.2 per­cent from last year.

On Mon­day, how­ever, a new report from the National Eco­nomic Coun­cil and the Coun­cil of Eco­nomic Advis­ers said that a sud­den increase in taxes for middle-income tax­pay­ers, if the cur­rent fis­cal impasse is not reme­died, could reduce con­sumer spend­ing next year by nearly $200 billion.

Posted by Randa Wagner on Nov 26 2012. You can follow any responses to this entry through the RSS Feed. Both comments and pings are currently closed.