NEW YORK (
) -- Stock futures pointed to a much weaker open Friday as eurozone contagion fears heightened and markets focused on Portugal's sovereign debt situation.
Futures for the
Dow Jones Industrial Average
were down by 100 points, or 109 points below fair value, at 11,055. Futures for the
were 13 points lower, or 13 points below fair value, at 1184 and
futures were down by 22 points, or 24 points below fair value.
U.S. markets were closed on Thursday for the Thanksgiving holiday. On Wednesday, stocks rallied on a sharp drop in initial jobless claims and improved consumer sentiment.
Contagion concerns hit the euro, which fell to $1.3218 from $1.3355.
fell sharply as markets questioned whether the European Union and the International Monetary Fund will be able to support other debt-logged eurozone countries if they ask for an aid plan similar to Ireland's.
The market focused on
despite repeated assurance from Prime Minister Jose Socrates that the country was not intending to seek bailout funds.
Overseas, Hong Kong's Hang Seng lost 0.8%, and Japan's Nikkei shed 0.4%. The FTSE in London was down by 1.7%, and the DAX in Frankfurt was off by 1.3%.
With no economic reports scheduled, the market will focus on retail stocks this Black Friday. Expectations for strong sales during the traditional kickoff of the holiday shopping season are high compared with a year ago.
CPI International (CPII)
agreed to be acquired by an affiliate of Veritas Capital for $19.50 a share, or $525 million.
In commodity markets, the January crude oil contract was down by 91 cents to trade at $82.95 a barrel. The December gold contract was down by $14.30 to $1,358.70 an ounce.
The dollar traded higher against a basket of currencies with the dollar index up by 0.9%, and the benchmark 10-year Treasury note strengthened 12/32, diluting the yield to 2.868%.
--Written by Melinda Peer in New York
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