NEW YORK (AP) — U.S. stock futures fell sharply Friday in some of the heaviest trading this week before President Barack Obama speaks about avoiding the so-called fiscal cliff, an issue that has driven markets lower since his re-election three days ago.

Dow Jones industrial futures slid 102 points to 12,673. The broader S&P futures gave up 11.2 points to 1,364.10. Nasdaq futures fell 14.75 points to 2,575.

What Obama says Friday from the White House will likely give markets a better idea of the path ahead in a showdown with Republicans, and the odds of avoiding the one-two punch of tax increases and automatic spending cuts that come due in January.

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