(Stephanie Nurnberg/Flickr)
Stock futures are lower on Friday morning following yesterday’s brutal sell off in global markets.
Near 8:04 a.m .ET, Dow futures were down 85 points, S&P 500 futures were down 6 points, and Nasdaq futures were down 21 points.
On Thursday, the Dow lost 358 points and fell to its lowest level since February. The S&P 500 closed down 2.11% for its worst one-day decline in 18 months.
Stock markets in Europe and Asia also closed deep in the red, and they’re lower again today.
The benchmark Shanghai Composite index fell more than 4%, and recorded its worst week since June.
Commodity prices held up on Thursday, however, with gold rallying to a five-week high above $ 1,150 an ounce. But on Friday morning, gold, silver, and platinum were slightly in the red.
West Texas Intermediate crude oil futures in New York are less than 1% lower, near $ 41 a barrel. Around 1:00 p.m. today, we’ll get the latest count of US oil and gas rigs from driller Baker Hughes. The tally of oil rigs has climbed for four straight weeks, as crude oil barreled towards $ 40 per barrel.
At 9:45 a.m. ET, we’ll get the final dose of manufacturing data for the week in Markit’s manufacturing PMI for August, which is estimated to stay unchanged from 53.8.
In earnings, John Deere reported a year-on-year slide in profits and revenues, and slashed its outlook for the agricultural industry. “Lower commodity prices and falling farm incomes are continuing to pressure demand for agricultural machinery,” the company said in its statement.
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