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Morning Outlook

Fiscal Cliff Euphoria Fades

Morning OutlookFOXBusiness

Fiscal cliff euphoria is beginning to fade on this second trading day of the new year. Dow futures are indicating a 19-point drop at the open, after a phenomenal run-up in Wednesday's trading.

That's when the Dow shot up 308 points, or 2.4%, its biggest point gain in a year. The Nasdaq Composite  outperformed the rest of the market, soaring 3%, and the S&P 500 surged 2.5%.  The rally was broad based, but led by technology and financials.

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Automakers will release their sales for December and 2012 throughout the day. Analysts expect auto sales rose to 14.5 million last year -- the strongest performance since 2007; and they're bullish that sales will top 15 million this year, led by big pick-up trucks and helped by 43 new models coming to market.

Wendy's (NYSE:WEN) no longer thinks a hamburger has to be 99 cents to be a deal. It has beefed up its options called "Right Price Right Size," costing between 99 cents and $1.99. At a time when costs for meat, cheese, and other ingredients are rising, the revamped menu is intended to give budget-minded diners more options, while giving Wendy's more flexibility on pricing.

A report in "The Next Web" says Apple (NASDAQ:AAPL) has begun testing iPhone 6 and the latest iteration of the iOS operating system, iOS7. App developers have reported finding traces of a new iPhone in their app-usage logs. Usage logs track which devices and operating systems are using apps, as well as the IP addresses being used.

Apple shares gained $16.86, or 3.2%, yesterday, closing at $549.03; they've lost 17% of their value over the past three months, which included the all-important holiday shopping season.

Many retailers will weigh in with December sales today and analysts are expecting a weak performance, as consumers were held back by fiscal cliff worries.