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() - The major U.S. index futures are pointing to a slightly lower opening on Friday despite expectations that bargain hunting will support the markets following three straight sessions of losses. Economic data released from across the Atlantic were encouraging, with most economies in the euro zone region reporting forecast-beating economic growth for the second quarter. However, a Commerce Department report released earlier in the day showed that retail sales in the U.S. rose slightly less than economists’ expectations.

The inner details of the report were largely negative, with most retail categories showing softness. The data is likely to stir concerns about consumer spending and against this backdrop, the consumer sentiment report to be released shortly after the markets open assumes importance.

U.S. stocks extended their losses on Thursday, as economic data released during the day did little to improve sentiment. The major averages opened lower and saw a volatile ride throughout the session, although they remained below the unchanged line throughout the session before ending moderately lower. A report showing an unexpected increase in weekly jobless claims aggravated the negativity concerning the sustainability of the economic recovery.

The Dow Industrials ended 58.88 points or 0.57% lower at 10,320 and the Nasdaq Composite fell 18.36 points or 0.83% to 2,190, while the S&P 500 Index closed down 5.86 points or 0.54% at 1,084.

Nineteen of the thirty Dow components closed lower, with Cisco (CSCO) (down 9.99%) leading the slide. Wal-Mart (WMT), Microsoft (MSFT), IBM (IBM), Hewlett-Packard (HPQ), General Electric (GE), Boeing (BA) and American Express (AXP) also saw steep losses. On the other hand, Verizon (VZ) (up 2.57%), Travelers Co. (TRV) (up 1.37%) and Pfizer (PFE) (down 1.25%) saw notable buying interest.

Among the sector indexes, the Philadelphia Housing Sector Index declined 1.81%, the Philadelphia Semiconductor Index fell 1.31%, the NYSE Arca Disk Drive Index moved down 4.41%, the NYSE Arca Computer Hardware Index lost 2.92%, the NYSE Arca Software Index receded 1.39% and the NYSE Arca Networking Index slumped 3.69%. However, the NYSE Arca Biotechnology Index rose 1.30% and the NYSE Arca Gold Bugs Index added 2.11%.

Currency, Commodity Markets

Crude oil futures are trading up $0.24 to $75.98 a barrel after the commodity extended its declines on Thursday, when it lost $2.28 to $75.74 a barrel. Gold futures are currently trading down $1.50 at $1,215.20 an ounce. In the previous session, gold rose $17.50 to $1,216.70 an ounce.

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