Small-cap stocks pushed lower this morning, pulled down by renewed worries about consumer spending after the world’s largest retailer posted disappointing December sales. In addition, tech stocks and commodities were on the defensive this morning following losses in overseas trading. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was down 3.82, or 0.77% at 493.28.

Wal-Mart Stores Inc. (NYSE:WMT) reported December same-store sales were up just 1.7%, which was below the projection for a rise of 2.8%. Still, this was a rare increase in sales when many retailers were actually down for the month. Wal-Mart officials also lowered fourth-quarter earnings projections, a familiar trend early this New Year. WMT shares were off about 8% in early trading.

Investors got another glimpse of employment data this morning ahead of Friday’s key monthly jobs report. The weekly unemployment claims release came out at 467,000 which was quite a bit better than feared. The forecast called for about 540,000 Americans to file for unemployment last week and this marks two consecutive bullish surprises on the claims data. That said, the fear stoked by Wednesday’s big rise on private sector job losses in the ADP survey was still in the air today.

Crude oil prices got clobbered late Wednesday and stabilized overnight. Energy prices were choppy early today, but retain a mild downside bias, which should weigh on energy stocks. Elsewhere on commodities, copper prices took a hit in Asian trading, which is a caution sign not just for physical markets, but also for the global economic picture.

Speaking of overseas action, traders were talking about recent sloppy performance on government funding auctions, worrying that the mountain of debt supply being issued to fund all these bailout projects could crush buyers. Here in the U.S., the Treasury Department is auctioning off $166 billion in debt, the third largest total in history, including $16 billion in 10-year notes this afternoon. Safe to say, the 10s auction will get some attention.

Before that auction, the market will also intently listen to an appearance by President-elect Obama, who is slated to address the economy and stimulus plans around 11:00 a.m. ET. Wednesdsay’s market decline marked one of the few times that equities did not rally in conjunction with an Obama mention of the stimulus plan.

Small-caps on the move this morning include thinkorswin Group Inc. (Nasdaq:SWIM), which gapped higher on unusually heavy volume amid news that Ameritrade will buy the firm for $606 million in stock and cash. The news generated a steep 41% surge in SWIM stock. Diamond Foods Inc. (Nasdaq:DMND) also gapped higher this morning in a recovery bounce after setting fresh move lows Wednesday. DMND shares pulled back from the opening gap print, but were still up 10%. On the downside, Ulta Salon Cosmetics & Fragrance Inc. (Nasdaq:ULTA) gapped lower and shed some 23% as same-store sales comps were down 5.8% for the holidays.

The chart picture for small-caps has tilted into a mild short-term bearish stance, but that is playing out within a larger sideways consolidation mode. The Russell held above a hard test of 491 support early today, which was a positive sign within the lower open. If 491 is taken down, then the next support comes in at 484 and 473. If the market can right the ship today, then resistance will be at 504.50 and 514.50.