Stocks set for another slump

U.S. stocks futures fell on Friday, as investors expressed wariness following Dell's disappointing earnings.

The Dow Jones industrial average, S&P 500 and Nasdaq futures were all lower about two hours before the open.

Futures measure current index values against the perceived future performance, offering guidance on stock performance, though they're not always an accurate barometer.

U.S. stocks have fallen for two consecutive sessions amid worries about the economic recovery, the strengthening dollar, and the technology sector.

Derek Hoffman, chief executive and co-founder of the financial media site Wall St. Cheat Sheet, said the dismal report from Dell, a bellwether electronics company, dragged down investor confidence ahead of Black Friday.

"Retail is looking generally weak - weaker than expected, given the high unemployment rate," he said. "It's showing that people are tightening their wallets. Retailers are going to be feeling it this year."

Companies: Dell (DELL, Fortune 500) reported late Thursday a sharp drop in quarterly profit that fell short of Wall Street's estimates.

But in other earnings news, retailer Gap (GPS, Fortune 500) said its quarterly profit surged 25%.

Economy: Investors will take in a report on state unemployment, which is due out at 10 a.m. ET.

World markets: Asian shares retreated. The Nikkei in Japan lost 0.5% while the Hang Seng fell 0.8%. Major European indexes declined in midday trading.

Money, gold and oil: The dollar rose versus major international currencies, including the euro, the yen and the pound.

Gold broke another record on Thursday, settling up 70 cents to $1141.90 an ounce. But gold fell $4.10 in electronic trading on Friday morning, to $1,137.80.

The price of oil fell 75 cents to $76.71 a barrel.