US Markets

Futures Mixed Despite Italy, 'Cliff' Worries


U.S. stock market futures turned narrowly mixed Monday despite fresh worries over Italy and ongoing negotiations over the looming "fiscal cliff."

Over the weekend, Italian Prime Minister Mario Monti announced he will resign after Italy's 2013 budget is approved. Monti's announcement came shortly after the party of former Prime Minister, Silvio Berlusconi, withdrew its support for Monti's technocratic government.

European shares traded lower following the announcement and amid worries over its effect on the euro zone's third-largest economy.

Next Steps For the Fed

Meanwhile, President Barack Obama is scheduled to speak in Detroit, following a visit to the city's Daimler plant.

Investors will be watching for any clues from the President on the progress of the "fiscal cliff." On Sunday, Obama met with Republican Speaker of the House of Representatives John Boehner, but the two sides didn't provide further details about the previously unannounced meeting.

Apple slid after Jefferies slashed its price target on the iPhone maker to $800 from $900. The tech giant suffered its worst weekly decline since May 2010 and is trading down more than 20 percent from its all-time high of $705 a share in September.

McDonald's rose after the fast-food giant posted a stronger-than-expected gain in November same-store sales.

Ingersoll-Rand gained after the diversified manufacturer said it will spin off its security division and buy back $2 billion of shares. In addition, the company boosted its quarterly dividend to 21 cents a share.

American International Group dipped after it agreed to sell nearly all of its ILFC airplane leasing business to a Chinese consortium for up to $4.8 billion.

Among earnings, Teavana is scheduled to post earnings after the closing bell. The specialty tea retailer was recently acquired by coffeehouse giant Starbucks.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

MONDAY: Earnings from Teavana
TUESDAY: NFIB small biz optimism index, international trade, wholesale trade, 3-yr note auction, FOMC mtg begins; Earnings from Dollar General
WEDNESDAY: Weekly mortgage apps, import/export prices, oil inventories, FOMC mtg announcement, 10-yr note auction, FOMC forecasts, Bernanke press conference, 3M 2012 outlook mtg, OPEC mtg; Earnings from Costco
THURSDAY: Jobless claims, PPI, retail sales, business inventories, 30-yr bond auction; Earnings from Hovnanian, Pier 1 Imports, Adobe Systems
FRIDAY: CPI, industrial production, Facebook lockup lifts

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