Premarket futures were indicating a lower open for stocks on Wall Street in an abbreviated Friday trading session as traders looked to take profits from recent rallies.

Investors will be watching closely the retailers as shoppers flocked to stores to kick off the holiday shopping season.

Futures for the

S&P 500

were down 5.8 points at 884 and were 3.1 below fair value.

Nasdaq

futures were lower by 13 at 1182 and were 11 short of fair value. Stock markets in the U.S. close at 1 p.m. EST.

On Wednesday, the three major indices rallied in the face of numerous discouraging economic reports. During that session, President-elect Barack Obama named to his economic team former

Federal Reserve

Chairman Paul Volcker. The upside finish marked the fourth straight day of gains for the

Dow Jones Industrial Average

and the S&P 500.

U.S. markets were closed on Thursday for the Thanksgiving holiday.

TST Recommends

Ahead of Friday's trading, the

Royal Bank of Scotland

(RBS) - Get Report

said the British government would take a 58% stake in the bank following tepid reception of a stock offering by the company.

Meanwhile,

General Motors

(GM) - Get Report

has hired a real estate company to help it raise up to $257 million in sales and other deals related to its European offices and assets, according to a report by the

Financial Times

.

Looking at commodities, crude oil was shedding $1.07 to $53.37. Gold was gaining $3.60 to $814.90.

Longer-dated U.S. Treasury securities were rising in price. The 10-year was adding 8/32 to yield 2.95%, and the 30-year was up 22/32, yielding 3.49%. The dollar was gaining on the euro and pound but falling vs. the yen.

Overseas, European exchanges such as the FTSE in London and the DAX in Frankfurt were trading lower. In Asia, Japan's Nikkei and Hong Kong's Hang Seng finished with gains.