US futures off before Obama addresses fiscal cliff

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by Laura Matovina

NEW YORK (AP) -- U.S. stock futures are falling in some of the heaviest trading this week before President Barack Obama addresses the so-called fiscal cliff, an issue that has driven markets lower since his re-election three days ago.

Dow Jones industrial futures are down 57 points to 12,718. The broader S&P futures have fallen 6 points to 1,369.30. Nasdaq futures are down 5.5 points to 2,566.50.

What Obama says Friday will give markets a better idea of what path lies ahead in a showdown with Republicans and the odds of avoiding the one-two punch of tax increases and automatic spending cuts due in January.

Also on Friday, J.C. Penney shocked investors again with a loss of $123 million for the quarter. Like the previous quarter, it is much worse than was expected.

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