(NEW YORK) -- Coming off the heels of a failed attempt by Congress members to reach a deal on the nation's deficit, Wall Street is holding fairly steady ahead of Tuesday's opening bell, with stock futures mostly flat.
On Monday, reports that the Congressional Joint Select Committee on Deficit Reduction would not succeed in reaching an agreement before Wednesday's deadline sent stocks plummeting. The Dow Jones Industrial Average sank 249 points, the Nasdaq fell 49 and the S&P 500 lost 23.
Shortly after the stock market closed, the 12 members of the so-called "supercommittee" confirmed the speculation, announcing that they had failed to come up with a plan to cut at least $1.2 trillion from the federal deficit over the next 10 years.
Overseas on Tuesday, European stocks are trading mostly higher, while Asian stocks closed mixed. Australia's S&P/ASX 200 dropped 0.72 percent, Japan’s Nikkei index shed 0.40 percent and China's Shanghai Composite dipped 0.10 percent. South Korea’s Kospi, on the other hand, added 0.34 percent, while Hong Kong’s Hang Seng gained 0.14 percent.
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