NEW YORK ( TheStreet) -- Stock futures pointed to a weaker open Friday following a decline in global markets as investors feared China would increase interest rates to cool its fast-growing economy.

Futures for the Dow Jones Industrial Average were down by 56 points, or 61 points below fair value, at 11,186. Futures for the S&P 500 were 9 points lower, or 9 points below fair value, at 1203. Nasdaq futures were down by 16 points, or 14 points below fair value.

Stocks retreated Thursday after a weaker-than-expected sales outlook from Cisco ( CSCO) prompted investors to sell off tech stocks and Irish bonds were pressured by concerns about the country's debt level.

On Thursday, China said its consumer price index rose 4.4% year over year in October, bringing average inflation for the year to 3% -- the government's target. That has increased the likelihood that the country will enact measures to slow economic growth.

Speculation about the Chinese rate hike weighed on metals prices -- particularly copper -- and hit the shares of related equities. Ahead of Friday's opening bell, Freeport-McMoRan Copper & Gold ( FCX) was down 2.9% to $104.88, Southern Copper ( SCCO) was off by 3% to $45.32 and Newmont Mining ( NEM) was down 2.4% to $61.50.

In commodity markets, the January crude oil contract was down by $1.87, to trade at $85.94 a barrel. The December gold contract was down by $19.12 to $1,384.10 an ounce.

Leaders of the world's major economies wouldn't agree to back the U.S. in an effort to get China to let its currency rise at the end of the two-day G20 summit in Seoul, South Korea.

Hong Kong's Hang Seng shed 1.9% and Japan's Nikkei lost 1.4% on Friday. The FTSE in London was down by 0.3% and the DAX in Frankfurt was off by 0.2%.

At 9:55 a.m. EST, the University of Michigan's releases its November consumer sentiment index. Economists expect the index to hit 69, up from October's reading of 67.7.

Mizuho Financial ( MFG) said it will purchase a 2% stake in BlackRock ( BLK).

Morgan Stanley ( MS) saw its stock down 1.2% to $26 after a New York Times report said the company will likely spin off its quantitative trading group in response to the Dodd-Frank Act that limits proprietary trading.

Shares of Nvidia ( NVDA) were up 4.5% to $13.18 ahead of Friday's opening bell after the company surpassed analysts' profit expectations and issued better-than-expected fourth-quarter sales guidance late Thursday.

Walt Disney's ( DIS) stock traded 2.4% higher to $36.79 in early trading, coming back after the company missed fourth-quarter earnings expectations and said sales fell by 1.3% to $9.74 billion. Disney said it plans to increase capital expenditures by $1 billion in 2011.

The dollar traded lower against a basket of currencies with the dollar index down by 0.3% and the benchmark 10-year Treasury note weakened 5/32, lifting the yield to 2.666%.


--Written by Melinda Peer in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.