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NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all down more than 0.2%. U.S. markets will close at 1 p.m. ET and remain dark Tuesday for the Christmas holiday.
With time running out, investors are increasingly concerned about the lack of progress in talks over tax hikes and spending cuts set to kick in automatically on Jan. 1, known as the fiscal cliff.
Stocks fell 1% on Friday after a plan by Speaker John Boehner to avert the fiscal cliff failed to get enough support in the House late Thursday. President Obama spoke about the negotiations Friday evening, before leaving for the holiday, urging a scaled back deal that would stop taxes from rising on 98% of Americans -- something both sides say they want.
But no one expects progress on a deal Monday, with members of Congress having left Washington for their homes to celebrate the Christmas holiday.
"The market is going to be on standby until after the holiday," said David Levy, a portfolio manager at Kenjol Capital Management in Austin, TX. "But given the light volumes, it's possible to see an exaggerated move in either direction."
Related: What happens to stocks if we go over fiscal cliff?
Investors are still holding out hope for a temporary fix before the end of the year, said Mark Luschini, chief investment strategist at financial advisory firm Janney Montgomery Scott. Such a deal would only forestall the immediate crisis and delay more difficult decisions until later next month, he added.
"If they can avert the worst, the market will still find some support," said Luschini. "Absent that, we will definitely see some pressure on equities."
Fear & Greed Index
Most federal offices and many businesses were closed on Monday. There are no economic reports or corporate news scheduled for release.
European markets ended a holiday shortened-day mixed, with markets in Germany closed. Italy's Mario Monti said at the weekend he may consider a second term as prime minister if asked by parties committed to the economic reforms he began over the past 12 months.
Asian markets ended slightly higher, while markets in Japan were closed.
First Published: December 24, 2012: 9:41 AM ET
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