U.S. stock index futures indicated a sharply lower open on Friday after disappointing U.S. data and the Chinese stock market and crude prices plunged.
Dow futures fell more than 400 points after retail sales declined 0.1 percent in December. Ex-autos, retail sales also fell 0.1 percent. The Producer Price Index fell 0.2 percent in December after rising 0.3 percent in November.
January Empire manufacturing was minus 19.4.
Industrial production for December fell 0.4 percent. Capacity utilization was 76.5 percent.
Treasury yields held lower, with the 10-year yield briefly dipping below 2 percent and the 2-year yield near 0.83 percent. The U.S. dollar index traded more than half a percent lower, with the euro at $1.095 and the yen at 116.81 yen against the greenback, as of 9:16 a.m. ET.
The Shanghai composite fell 3.51 percent and entered bear market territory, while Brent and WTI futures both held below $30 a barrel, down about 5 percent each. The pan-European STOXX 600 index fell nearly 2 percent.
The blue chips index was also dragged down by falls in Intel, Apple and Goldman Sachs. Intel reported better-than-expected earnings Thursday, but the stock is down about 6 percent in the premarket on Friday.
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Traders also looked to a speech from New York Federal Reserve President William Dudley.
Dudley said that future rate hikes depend on data and that rates are set to continue on gradual upward path. He added that overseas economies pose risk to the United States and there's little change in outlook since the Fed meeting.
Core inflation is quite stable despite lower energy, Dudley said, noting 2016 growth is to be slightly above 2 percent.
Consumer sentiment and business inventories are set to come out at 10:00 a.m.
— CNBC's Patti Domm contributed to this report