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Dow futures down 350 points as oil breaks under $30

Dow futures down 350 points as oil breaks under $30

By Market Watch

Stock futures were skidding once again Friday, as oil prices dropped below $30 a barrel and Chinese stocks entered bear-market territory.

The selloff worsened after a series of disappointing U.S. economic data. The Empire State factory index declined sharply in January to its lowest level since the recession. The cost of producing goods and services dropped again in December, locking in a 1% annual decline for 2015, while retail sales declined 0.1% in December.

Dow Jones Industrial Average futures YMH6, -2.36%  slumped 354 points, or 2.2%, to 15,927, while S&P 500 futures YMH6, -2.36%  futures slid 41.10 points, or 2.2%, to 1,873.50. Nasdaq-100 NQH6, -2.84%  tumbled 104.50 points, or 2.6%, to 4,153.00.

Intel Corp. INTC, -9.29%   is leading losses among Dow components after earnings late Thursday, and oil plays like Chevron Corp. CVX, -4.18%   and Exxon Mobil Corp. XOM, -3.34%   also were big losers

The losses would reverse Thursday’s strong gains for stocks. The S&P 500 gained 1.7%, and the Dow industrials rose 1.4% as oil prices rebounded, while comments from St. Louis Fed President James Bullard appeared to calm fears about the pace of U.S. interest-rate increases this year. But oil pushed back under $30 a barrel for both U.S. CLG6, -4.71%  and Brent crude LCOG6, +2.28%  in Europe’s Friday morning action.

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