Wall Street set to open lower on retail jitters, energy

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By Kristina Cooke

NEW YORK (Reuters) - Stocks were poised to open moderately lower in thin holiday trade on Friday after a four-day streak of gains as investors nervously eyed the post-Thanksgiving sales to gauge how retailers will fare this holiday season in a weakening economy.

Exxon Mobil shares dipped 1 percent before the bell as oil fell below $54 a barrel on course to end the month down more than 20 percent as OPEC ministers gathered to discuss potential further supply cuts to combat global falling demand.

The U.S. stock market was closed Thursday for the Thanksgiving holiday and is trading for half the day on Friday. On Wednesday, stocks ended higher, capping a which marked the Dow's biggest four-day percentage gain since 1932.

"We're going to wake up here with a bit of a post Thanksgiving hangover. There's some moderate downward pressure and some profit taking after that sharp rally over the last trading sessions," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.

S&P 500 futures fell 4.8 points. Dow Jones industrial average futures declined 48 points, and Nasdaq 100 shed 14.50 points.

For the month, the Dow is down more 6 percent, the S&P 500 down more than 8 percent and Nasdaq down 10 percent.

Stores across America hope to ring in billions of dollars in holiday sales beginning on the "Black Friday", the day after Thanksgiving. But retailers fear a looming recession and mounting job losses could cost them dearly during the period that brings in up to 40 percent of annual sales.

The holiday weekend will test the strength of consumer sentiment, a main driver of the U.S. economy, as the country faces its worst financial crisis since the Great Depression.

Shares of clothing retailer Abercrombie and Fitch fell 3.6 percent before the bell.

"No question, Black Friday will be the story of the day: there is some nervousness ahead of that as it is such an important indicator about the American consumer," Kenny said.

In Europe, shares fell, led lower by energy and mining stocks. In Asia, stocks rose for a sixth consecutive session on bargain-hunting.

There is no U.S. economic data due on Friday nor any major companies scheduled to report earnings.

Shares of Chesapeake Energy Corp fell 14.4 percent to $17.32 before the bell after the company announced a shelf offering. The company filed to issue up to 50 million shares.

Technology shares could be under pressure after fresh signs of a downturn in global chip demand emerged as STMicroelectronics cut its fourth-quarter outlook. Industry sources said two Taiwan companies are looking to slash costs. Applied Materials slipped 2.4 percent to $9.50.

U.S. stocks climbed on Wednesday, as investors snapped up tech stocks trading near their cheapest levels in five years, and renewed hopes of a General Motors bailout helped investors shrug off data depicting a worsening global economic downturn.

(Reporting by Kristina Cooke; Editing by Kenneth Barry)

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