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NEW YORK (CNNMoney) -- U.S. stock futures were lower Friday ahead of fiscal cliff negotiations between President Obama and Congressional leaders.
The president has vowed not to keep the Bush tax cuts in place for Americans earning more than $200,000, and investors are also bracing for tax hikes on capital gains and carried interest. Since Obama's re-election last week, the S&P 500 and Dow Jones industrial average have fallen about 5%.
Earlier this week, Obama spoke with labor and business leaders about his priorities in the negotiations.
Investors will also mull the Federal Reserve's latest guidelines for bank stress tests, released Thursday evening.
Economic reports on tap Friday morning include data on foreign purchases of Treasuries and industrial production. Industrial production is expected to have increased 0.1% in October, according to a survey of analysts by Briefing.com.
U.S. stocks fell Thursday, in the third straight decline for all three major indexes.
Fear & Greed Index
In Europe, investors also have their attention on the fiscal cliff negotiations in the United States. European stocks declined for a third day in morning trading. Britain's FTSE 100 slid 0.5%, the DAX in Germany fell 0.4% and France's CAC 40 lost 0.3%.
Asian markets ended mixed. The Shanghai Composite lost 0.8%, while the Hang Seng in Hong Kong gained 0.2%, and Japan's Nikkei rose 2.2%.
Companies: Firms including food producer J.M. Smucker (SJM, Fortune 500) and Foot Locker (FL, Fortune 500)will release their quarterly results Friday morning.
Currencies and commodities: The dollar rose against the euro and the British pound, but slid versus the Japanese yen.
Crude oil for December delivery fell 9 cents to $85.36 a barrel.
Investors are closely watching violence in the Middle East. Israel launched a series of air strikes Wednesday on what it said were terrorist targets in Gaza, and the Palestinian group Hamas vowed retaliation.
Gold futures for December delivery fell $4.80 to $1,709 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, pushing the yield down to 1.58% from 1.59% late Thursday.
First Published: November 16, 2012: 6:22 AM ET
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