SAO PAULO, July 10 (Reuters) - Brazilian stocks and the real opened lower on Friday in line with U.S. markets as investors fretted over second-quarter U.S. earnings and the possibility of a slower than expected U.S. economic recovery.

The benchmark Bovespa index .BVSP was down 0.56 percent at 48,902.58 in choppy morning trading after a market holiday on Thursday, dragged down in part by a slump in oil and commodities prices.

The real (BRBY: Quote, Profile, Research), Brazil's currency, was down around 1.3 percent at 2.02 per dollar as the greenback strengthened broadly against a global basket of currencies .DXY.

Investors remain skittish over the outlook for second-quarter corporate earnings in the United States.

Chevron Corp (CVX.N: Quote, Profile, Research) said after the bell on Thursday that second-quarter earnings would be hit by a sharp decline in U.S. refining margins and that a weaker dollar would offset benefits from higher oil prices.

U.S. crude oil futures CLc1 dropped 1.1 percent on Friday, hitting the lowest level since mid-May, as the latest forecast from the International Energy Agency stirred more worries about oil demand. [nN10509187]

Shares of state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research) were down 0.17 percent at 29.06 reais after slumping in recent days amid a global decline in oil prices.

Brazilian miner Vale (VALE5.SA: Quote, Profile, Research), the world's largest producer of iron ore, was down 1.31 percent at 27.80 reais as commodities slumped.

Vale this week raised $942 million from the sale of three-year notes convertible into stock at maturity. Petrobras and Vale are the stocks with the biggest weighting in the Bovespa.

Yields on interest-rate futures <0#DIJ:> at the BM&F Bovespa in Sao Paulo were lower across the board, signaling that investors expect Brazil's central bank to keep cutting its benchmark lending rate in the coming months. (Reporting by Brian Ellsworth; Editing by Theodore d'Afflisio)