US Markets

Wall Street looks to big week ahead

Traders hope for holiday cheer on Black Friday

U.S. stock index futures indicated a mixed open on Friday as traders digest a 5 percent slump in Chinese stocks and look towards a big week ahead.

In Asia, Chinese stocks tanked after authorities launched probes for alleged violations of trading rules. The Shanghai Composite closed 5.48 percent lower, while the Shenzhen Composite finished 6.1 percent lower. Japan's Nikkei finished 0.30 percent lower.

U.S. markets were closed for Thanksgiving on Thursday, and will shut earlier, at 1:00 p.m. ET, today.

In spite of the gloomy news out of China, the International Monetary Fund (IMF) is expected to grant China's yuan reserve currency status on Monday. The yuan would be included in the fund's Special Drawing Rights basket which, while largely symbolic, would elevate the currency and China's influence in the global economy.

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters

Fed Chair Janet Yellen is set to speak twice next week, and is expected to hammer home the U.S. central bank's message that it wants to raise rates in mid-December, barring any unexpected economic blowup.

On the data front, next Friday's U.S. November jobs report is the highlight of the week because it is the last big piece of data for the Fed to mull before its rate hike meeting December 15 and 16.

The European Central Bank will meet in Frankfurt next Thursday, where it is expected to expand its easing program. Oil will also be on the agenda, with the Organisation of Petroleum Exporting Countries (OPEC) set to meet in Vienna next Friday.

In oil markets, Brent crude traded at around $45.39 a barrel on Friday, down 0.11 percent, while U.S. crude was at around $42.26 a barrel, down 1.88 percent.

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In Europe, the pan-European Stoxx 600 index was a touch lower.

— CNBC's Patti Domm contributed to this report