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NEW YORK (CNNMoney) -- U.S. stock futures were lower Tuesday as investors continue to fret over whether lawmakers will cut a deal to avoid the fiscal cliff.
Lawmakers are trying to strike a deal that prevents the onset of sharp spending cuts and tax increases in January. President Obama plans to meet with union leaders on Tuesday, a number of business leaders on Wednesday and then Congressional leaders on Friday.
Stocks sold off sharply last week, with the major indexes sliding more than 2%, as investors worried the government would fail to cut a deal, potentially triggering a recession.
In corporate news, retailers Home Depot (HD, Fortune 500),Dick's Sporting Goods (DKS, Fortune 500), Saks (SKS), and TJX (TJX, Fortune 500) -- the parent company of T.J. Maxx and Marshalls -- all release quarterly results Tuesday morning. Cisco Systems (CSCO, Fortune 500) will report its quarterly earnings after the bell.
At 2 p.m. ET, the Treasury Budget is expected to show a deficit of $113 billion for October, according to a survey of analysts by Briefing.com.
U.S. stocks finished little changed Monday amid thin trading.
Fear & Greed Index
Meanwhile in Europe, finance ministers have agreed to give Greece two more years to meet fiscal targets attached to a second sovereign bailout, but will not release the next installment of rescue funding for at least another week.
European stocks fell in morning trading. Britain's FTSE 100 lost 0.8%, the DAX in Germany shed 0.6% and France's CAC 40 fell 0.9%.
Asian stocks ended lower, as fiscal issues in Europe and the U.S. continue to drag on markets. The Shanghai Composite dropped 1.5%, the Hang Seng in Hong Kong tumbled 1.1%, and Japan's Nikkei shed 0.2%.
Companies: Windows chief Steven Sinofsky, heir apparent to Microsoft (MSFT, Fortune 500)CEO Steve Ballmer, left the company Monday. Sinofsky had been at Microsoft since 1989, trusted with overseeing many of the company's core products -- including Office and the recent Windows 8 debut.
Dow component Home Depot (HD, Fortune 500) beat forecasts with better-than-expected earnings and revenue. The nation's largest hardware and building supply retailer raised its guidance for the current quarter, and said it's seeing a beginning in the "healing of the housing market."
Currencies and commodities: The dollar rose against the euro, but fell versus the British pound and Japanese yen.
Oil for December delivery fell 70 cents to $84.87 a barrel.
Gold futures for December delivery dropped $4.70 to $1,726.10 an ounce.
Bonds: The bond market will reopen Tuesday after it was closed Monday for Veterans Day.
First Published: November 13, 2012: 6:15 AM ET
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