(RTTNews) - Early indicators are pointing to yet another rough session for US stocks Friday, with many market players throwing in the towel earlier in the week amid deepening concerns of a prolonged recession.

On Thursday, the Dow Jones Industrial Average finished at its lowest level since October 2002, losing 1.2 percent. The NASDAQ Composite index fell 1.71 percent and the S&P index moved down 1.2 percent.

Investors remain nervous Friday morning ahead of more inflation data and another round of corporate earnings news. As of 6 am ET, the S&P Futures were down 11 points, the NASDAQ Futures were down 19 points, and the Dow Futures were down 120 points.

On Thursday, the Dow Jones Industrial Average finished at its lowest level since October 2002, losing 1.2 percent. The NASDAQ Composite index fell 1.71 percent and the S&P index moved down 1.2 percent. The Dow is more than 47 percent off its record highs from October 2007.

On the economic front, trading on Friday may be impacted by the Labor Department’s monthly report on consumer prices. The report is expected to show an increase in consumer prices over the previous month but a decline in the year-over-year measure.

Lowe’s Companies Inc. (LOW: News ), the nation’s No. 2 home improvement chain, is scheduled to release its fourth-quarter earnings results before the market opens Friday. The ongoing decline in sales trends, hit by the collapsing housing market, has forced the company to have a cautious earnings and sales forecast for the quarter.

Mooresville, North Carolina-based Lowe’s currently expects fourth-quarter earnings between $0.08 and $0.16 per share, while sales are estimated to range from a decline of 3% to an increase of 2% from last year.

Department store chain J.C. Penney Co., Inc. (JCP: News ) will also announce fourth-quarter results before the market opens on Friday. The company’s results are likely to reflect the woes of retailers in a recession-gripped economy that has restricted consumer spending.

13 analysts polled by Thomson Reuters expect earnings of $0.92 per share, lower than last year’s $1.93 per share.

Thursday, independent oil refiner Tesoro Corp. (TSO: News ) reported a profit for the fourth quarter compared to a loss last year, boosted by higher refining margins and strong retail results, despite a sharp drop in quarterly revenues.

The San Antonio, Texas-based company reported net income of $97 million or $0.70 per share for the fourth quarter, compared to a net loss of $40 million or $0.29 per share in the prior-year quarter.

Tax preparation and financial management software maker Intuit Inc. (INTU: News ) said Thursday after the markets closed that its second quarter earnings fell 26% from last year, as revenue declined and expenses rose. However, the company’s quarterly earnings per share, excluding items, came in above analysts’ expectations.

The Mountain View, California-based company reported GAAP net income for the second quarter of $85.0 million or $0.26 per share, compared to $115.2 million or $0.34 per share for the year-ago quarter.

Gold stocks remain in focus Friday morning, with the price of the precious metal coming within a hair of the $1000 mark. Financials may continue to sell-off amid fears about the health of US banks. Some of yesterday’s worst losses came out of the banking sector, as reflected by the 6.8 percent decline shown by the KBW Bank Index, which ended the session at its worst closing level in over ten years.

Asian stocks were weaker on Friday. The Hang Seng of Hong Kong lost 2.5 percent, while Tokyo’s Nikkei slipped 1.9 percent.

In European intraday dealing, the FTSE of the UK lost 2.2 percent, the DAX of Germany fell 3 percent, and the CAC of France lost 2.8 percent.

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Posted in Categories: Economy, Eurozone, Japan, Releases, UK, USA.

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