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Oil pressure could sock it to stocks

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What to watch Friday

With crude sliding through the key $60 level, oil pressure could stay on stocks Friday.

Stock futures traded sharply lower early Friday prior to the open, following sharp declines in global markets.

West Texas Intermediate futures for January closed at $59.95 per barrel, the first sub-$60 settle since July 2009. The $60 level, however, opens the door to the much bigger, $50-per-barrel level.

Besides oil, traders will be watching the producer price index Friday morning, and it's expected to be off 0.1 percent with the fall in energy. Consumer sentiment is also expected at 10 a.m. EST.