A No Cheer Monday: Market Happenings For December 24, 2012

Premarket, futures are down with no solution to the fiscal cliff. Gainers this morning include RHT (+5.04%), NKE, FTR, CCL and PPL while losers include MU (-4.86%), PXD, PWR, PPG and AMD.

The Market

This Christmas Eve Monday, we will have low trading volumes with markets in the U.S. closing at 1 p.m. for the holiday, which may cause some volatility.

President Obama spoke about fiscal cliff negotiations Friday evening, before leaving for the holiday, urging a scaled back deal that would stop taxes from rising on 98% of Americans. There is likely to be little progress on a deal today, with members of Congress at home for the Christmas holiday.

European stocks closed mostly down and Asia was mixed too.

The national average price of gasoline is up one-tenth of a cent to $3.247 per gallon.

Earnings Reports

Earnings reports: None, thankfully. An earnings release on Christmas Eve would surely be a bad one.

Financial Calendar

1100 ET USDA weekly grain export inspections.

1230 ET CME gold products close early.

1300 ET NYSE and U.S. stock markets close early. CBOT grain products close early.

1315 ET CME equity, interest rate, and equity products close early. CME livestock products close early.

1330 ET Nymex energy products close early.

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