Stocks are set to open lower on weakness in overseas markets and disappointing earnings forecast from Dell Computer (DELL). Forty-five minutes before the start of trading in New York, stock index futures indicate that the Dow Jones Industrial Average might lose 60 or 70 points at the open.

Overseas markets are mostly lower ahead of the weekend. After slipping 1.3 percent Thursday, Japan’s Nikkei lost another .5 percent after the Japanese government said the economy was back in deflation for the first time since 2006. Hong Kong’s Hang Send slipped .8 percent.

Major averages are broadly lower across Europe for a second day. France’s CAC 40 is pacing the decline with a .7 percent loss.

In the US, the news is light. Dell Computer shares are taking a hit after the computer maker reported a quarterly profit of 28 cents per share, which missed Street estimates by a nickel. Dell blamed a slowdown in business IT spending for the 54 percent drop in net profits.

Metals, mining and energy names might see weakness for a second day after crude oil fell 73 cents to $76.73 a barrel and gold lost $4.20 to $1137.70 an ounce.

No economic data is scheduled for today and bonds are holding modest gains in light early action. The benchmark is up 1/32nd and now yields 3.33 percent.

The dollar is flat at 88.98 against the Yen. The euro fell .0092 to 1.4830 against the buck.

Meanwhile, the options expiration might add a little volatility to the mix for the equity market. Today is the last day to trade any remaining November 2009 options before they expire Saturday morning and volume is likely to pick up as players square positions.