Stock index futures fell on Friday with equities eyeing a seventh straight session of losses, their longest losing streak in four months, as investor fret about global growth and the euro zone's debt crisis.

* Stocks were facing their worst week in two months and their second consecutive week of losses. The S&P 500 has fallen 4.4 percent this week and has given back almost two-thirds of its gains in October, the market's best month in 20 years.

* Yields on Italy's debt approached recent highs that sparked a sell-off in world markets. Italy paid a record 6.5 percent to borrow money over six months on Friday, and its longer-term funding costs soared far above levels seen as sustainable for public finances, raising the pressure on Rome's new emergency government.

* S&P 500 futures fell 7.2 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 72 points, and Nasdaq 100 futures sank 14.50 points.

* U.S. stock markets were closed for the Thanksgiving holiday on Thursday and will be open on Friday until 1 p.m. The day after Thanksgiving is typically one of the lightest volume days of the year.

* European stocks <.FTEU3> fell 0.2 percent on Friday, losing ground for the ninth time in 10 sessions and were set to post their biggest weekly loss in two months, dragged by deepening worries over the euro zone debt crisis and the outlook for the global economy.

* Shoppers flocked to U.S. stores, which opened early to offer a jump start on Black Friday, the traditional beginning to the U.S. holiday shopping season. Bargain hunters searched for deals on big screen televisions, video games and toys.

* AT&T Inc said it would take a $4 billion charge in case its proposed takeover of T-Mobile USA fails, a tacit recognition of the dwindling chances that the deal will get through U.S. regulators, who say it would destroy jobs and curb competition. AT&T shares fell 0.4 percent in premarket trading to $27.44.

* U.S. apparel brand Gap Inc said on Friday that it aims to triple its network of stores in China next year, one of the latest foreign brands to target the country's consumer spending growth.

(Editing by Padraic Cassidy)