Stocks seen opening lower after Obama victory

17 min.

NBC News staff and wire reports

After the celebration, comes the reality. Stocks appear ready to open lower Wednesday as investors come to grips with?the President Barack Obama's daunting task of reviving the economy in the face of the "fiscal cliff" and Europe's growing economic crisis.

U.S. stock index futures fell, putting the S&P 500 on track to snap a two-day advance. One of the immediate issues plaguing investors were predictions that the eurozone economy will inch along next year.

European Central Bank President Mario Draghi said the bank expects the eurozone economy to remain weak "in the near term." And the European Commission said the region's economy will barely grow next year, with Spain's economy expected to contract 1.4 percent both this year and next year, much worse than the government's prediction.?

"It's been those revised euro growth forecasts, general cuts in expectations for growth. That has provided the catalyst - or excuse if you like - for people to cut back a bit, but we would've expected some weakness after last night's run higher anyway," a London-based trader said.?

All major indexes had been pointing higher Wednesday before the European Union further lowered its expectations for the 27-nation economic bloc.

Obama's victory over Republican?challenger Mitt Romney removed one of the major uncertainties facing the market. One of the big ones remaining is the so-called "fiscal cliff" of tax increases and spending cuts that could occur in the new year if Congress fails to avert them. Many economists believe that if Congress doesn't act, the fiscal cliff could push the U.S. back into recession.?

Dow Jones industrial futures are down 93 points to 13,108. The broader S&P futures have given up 8.8 points to 1,416.40. Nasdaq futures are down 16.75 points to 2,659.

Reuters and The Associated Press contributed to this report.

Source: http://www.nbcnews.com/business/stocks-seen-opening-lower-after-obama-victory-1C6918818

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