Stocks are indicated lower, as investors assess the broader macroeconomic outlook to decide if another round of buying in the equity market is really justified. Forty-five minutes before the opening bell, stock index futures indicate that the Dow Jones Industrial Average might slide 40 points at the open.

There has been very little company-specific news of broad market significance over recent days and, as a result, the focus has been on economic data, action in the bond pits, and commodities prices.

Shares of energy-related companies are likely to see early weakness after crude oil pulled back from its best levels of 2009. Crude oil is down $1.78 to $70.90.

Metals and mining names might fall after gold lost $20 to $942 an ounce.

Meanwhile, investors await a report on consumer confidence, due out around 9:45 eastern time. Economists expect the University of Michigan’s sentiment index to improve to 69.5, from 68.7 the month before.

Steady action in the bond market might help keep a floor under stock prices. The yield on the ten-year Treasury note reached 4 percent Wednesday following poor results at an auction of ten-year Treasurys. However, bonds bounced back Thursday after an auction of 30-years went well. The benchmark ten-year Treasury is up another 7/32nd this morning and yields 3.83 percent.

The dollar gained .65 to 98.15 on the yen. The euro slumped to 1.3962 on the buck.