Stocks: Little to cheer as holiday begins

U.S. stocks fell Friday on fiscal cliff concerns

NEW YORK (CNNMoney)

U.S. stock futures were weaker ahead of the open, following a broad decline in stocks Friday on fears about the gridlock in Washington talks aimed at avoiding the fiscal cliff.

European and Asian shares were steady but trading was subdued and many exchanges were closed for the holidays.

Related: What happens to stocks if we go over fiscal cliff?

President Obama spoke about negotiations Friday evening, urging a scaled back deal that would stop taxes from rising on 98% of Americans - something both sides say they want.

But there is likely to be little progress on a deal Monday with members of Congress at home for the Christmas holiday. President Obama himself left for Hawaii for a vacation with his family Friday evening.

Fear & Greed Index

Most federal offices will be closed as will many businesses. So there is nothing in the way of economic reports or corporate news scheduled for release.

U.S. stock exchanges will close at 1 p.m. for the holiday. There will likely be low trading volumes during the day, which can add to volatility.

European markets were steady in a shortened trading session. Italy's Mario Monti said at the weekend he may consider a second term as prime minister if asked by parties committed to the economic reforms he began over the past 12 months. Asian markets edged higher.

First Published: December 24, 2012: 3:57 AM ET

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