US pre-open: Futures edge higher ahead of shortened session

The Dow Jones Industrial Average is expected to open down approximately three points, while the S&P 500 and the Nasdaq are set to begin the final session of the week two and 12 points higher respectively.

Asian equities ended the week on a downbeat note, dragged lower by a slump in Chinese markets, with the Shanghai Composite Index tumbling5.48% to 3,436.30, recording its largest daily percentage loss since 18 August.

The decline in Chinese stocks came as Citic Securities, the country’s biggest stock broker, slumped 10% after agreeing to cooperate with China’s stock regulator in an investigation of the firm for alleged violation of security rules.

With Wall Street only open for a half-day – markets will shut at 1800 GMT - after the closure for Thanksgiving Day, there is no data scheduled for release on Friday.

In company news, retailers were in focus on Black Friday, as millions of customers were expected to shop online or in store in the hunt for bargain deals.

“Traders will be waiting to see who is first to report ‘record sales’ from today’s shopping bonanza,” said Alastair McCaig, market analyst at IG.

“As ever, the devil will be in the detail, and seasoned traders are only too aware that record sales do not automatically translate into record profits.”

Walt Disney slid 0.78% in pre-market trading after the media giant said its ESPN sports network lost 3m subscribers over the last 12 months.

Meanwhile KaloBios Pharmaceuticals jumped 76.5% ahead of the bell after Martin Shkreli, the group’s newly appointed CEO, revealed he has decided to stop lending out shares in the company.

Elsewhere, the dollar was broadly flat against the yen and gained 0.19% and 0.36% against the euro and the pound respectively, while spot gold lost 0.61% to $1,065.83.

Oil prices declined, with West Texas Intermediate losing 0.88% to $42.12 a barrel, while Brent slid 0.62% to $45.18 a barrel.