“Breather” start; Europe down, watching Black Friday reports

Small-cap stocks are expected to open lower, pulled down by a decline in European markets and a weak tone in commodities in overseas trading. The market is coming off the best four-day rally since the depression and the World Stock Index is on track for the best week since the index started back in 1970, so a little corrective pullback “breather” today in the United States wouldn’t be a shock. Investors will watch with trepidation to see the early returns on the “Black Friday” retail sales around the country, as the official kick off for the holiday shopping season begins. Stock index futures were down about 0.7% in after-hours trading, which suggests the Russell 2000 (NYSE:IWM) will open near 465.75.

Crude oil prices were down 3% overnight, which weighed on energy stocks in pre-market trading, with large-cap group leader Exxon Mobil Corp. (NYSE:XOM) down about 1% ahead of the U.S. open. In London trading, industrial metals like copper, tin, nickel and zinc were lower, reflecting worries about the economic picture.

Around the world, stocks were basically higher in Asia and lower in Europe. In Japan, stocks were up 1.6%, while Hong Kong was up 2.4%, Australia up 4.3%, . . .

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