U.S. stock-index futures pointed to another steep loss on Friday, with European and Asian shares trading lower after disappointing manufacturing data from both the U.S. and China.
Procter & Gamble on Friday reported lower quarterly profit, but the maker of diapers and detergent left its 2014 sales growth forecast unchanged. Its shares were up nearly 1 percent in early New York trading. Shares of Microsoft were up nearly 3 percent ahead of the opening bell after the software giant late Thursday posted a larger-than-expected quarterly profit.
"The sell-off is finally here, and it is across all the markets, not only for the U.S. markets," said Naeem Aslam of AVA Trade in a morning note.
"There are number of reasons for this, for instance, China, the second biggest economy of the world, is becoming a major burden for the investors."
U.S. manufacturing growth slowed in January, according to data released by Markit on Thursday. In addition, an HSBC survey Chinese manufacturing activity slowed for the first time in six months in January.
"The other major worry for the markets is now the earnings, which are consistently coming on a weaker side, most of the big names which released their earnings this week fell short of market expectation," said Aslam.
No major economic releases are due.
—By CNBC's Katy Barnato