Futures Trade Flat Amid 'Fiscal Cliff' Caution
President Barack Obama will travel to a factory Pennsylvania to press his case on raising taxes on the wealthy to narrow the deficit. The president is still negotiating with Republicans on how to avoid the steep automatic tax increases and spending cuts that will kick in soon without a deal. Obama is set to speak at midday in New York. (Read More: Millions at Risk of 'AMT Shock')
A proposal made by Treasury Secretary Timothy Geithner on Thursday was seen as offering little to Republicans. Stocks zigzagged in choppy trading as investors reacted to headlines from Speaker John Boehner and Senate Majority Leader Harry Reid.
On the economic front, consumer spending slipped 0.2 percent in October, falling for the first time in five months, according to the Commerce Department. The decline suggested slower economic growth for the fourth quarter. Economists polled by Reuters expected spending to be flat last month.
The Institute for Supply Management in Chicago releases its November index of manufacturing activity at 9:45 a.m. A reading of 50.5 is expected, compared with 49.9 in October.
Zynga plunged after the online game maker and Facebook revised their two year-old agreement. Facebook will now be able to develop its own games after the end of March, while Zynga no longer has to display Facebook ads or use Facebook payments on its own properties.
Yum Brands tumbled after the parent company of KFC and Pizza Hut handed in a 2013 earnings growth guidance that was below expectations, adding that sales in China have softened. Barclays cut its price target on the company to $68 from $72.
Whole Foods became the latest company to announce a special dividend ahead of expected higher dividend tax rates next year. So far, nearly 90 companies with a market cap greater than $250 million have declared special cash dividends since the beginning of the fourth quarter. The total dollar value of those special dividend is over $20 billion dollars.
Apple's latest iPhone has received final clearance from Chinese regulators, paving the way for a December debut in a highly competitive market where the lack of a new model had severely eroded its share of product sales.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
On Tap Next Week:
MONDAY: ISM manufacturing index, construction spending, Fed's Bullard speaks, auto sales; Earnings from PepBoys
TUESDAY: Earnings from AutoZone, Toll Brothers, Pandora, Mattress Firm
WEDNESDAY: Weekly mortgage apps, ADP employment report, productivity & costs, factory orders, ISM non-mfg index, oil inventories; Earnings from Men's Warehouse
THURSDAY: BoE announcement, Challenger job-cut report, ECB announcement, jobless claims, quarterly services survey, Apple/Samsung hearing; Earnings from H&R Block, Lululemon, Smithfield Foods, Cooper Cos.
FRIDAY: Employment situation, consumer sentiment, consumer credit
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