NEW YORK (CNNMoney.com) - Investors will be watching the nation's shopping malls Friday -- if they're not in them themselves -- for an indication of how the 2005 holiday retail season will go.

At 8:11 a.m. ET, futures pointed to a flat open for U.S. stocks. Stock trading is likely to be the lightest of the year, simply because the markets will close three hours early, at 1 p.m. ET.

Friday is the traditional kickoff to the holiday shopping season, with customers already crowding stores in the wee hours of the morning seeking the big bargains touted in circulars. The hubbub underlies a key fact in the retail industry: as much as 50 percent of annual sales and profits are generated in November and December.

Stocks go into the session on a roll. The S&P 500 and Nasdaq composite ended Wednesday at levels not seen since 2001, and the Dow industrials touched a 4-1/2 year highs before closing with slightly tempered gains. Markets were closed Thursday for Thanksgiving.

U.S. crude won't trade Friday because of the extended holiday. But in London, Brent crude was down 12 cents to $55.18 a barrel.

Treasury markets will also have a short session after a day off. But prices were significantly higher in early trading, with the yield on the 10-year note down to 4.43 percent from 4.48 percent late Wednesday. The dollar advanced against the euro and yen. Gold was up, ready for a test of the $500 an ounce level not reached since the late 1980s.