Dow set to fall more than 150 points as tech shares resume slide

U.S. stock index futures pulled back ahead of Friday’s open as some of the most popular technology shares were under pressure once again.

At around 8:45 a.m. ET, Dow Jones Industrial Average futures were 183 points lower, indicating a decline of more than 170 points at the open. S&P 500 and Nasdaq 100 futures also fell.

Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all traded down at least half a percent in the premarket. These stocks, which make up the popular “FAANG” trade, have already fallen sharply this week. In that time period, they have all fallen at least 2.3 percent through Wednesday’s close.

Trading on Wall Street is set to resume after market participants observed the Thanksgiving holiday on Thursday. However, Friday’s session is scheduled to be abbreviated with the New York Stock Exchange and Nasdaq both due to close early at 1 p.m. ET.

Stock futures were also under pressure on Friday as crude oil prices plunged. West Texas Intermediate futures fell more than 6.5 percent to $50.97 per barrel, reaching their lowest level of the year.

The drop sent the Energy Select Sector SPDR Fund (XLE) — which tracks the S&P 500 energy sector — down more than 2.5 percent before the bell. Shares of Marathon Oil, TechnipFMC and Devon Energy led the XLE lower.

Crude’s decline comes at a time when U.S.-China trade tensions have raised concern of a possible economic slowdown. The two countries have imposed tariffs on billions of dollars worth of each other’s goods as the Trump administration takes on a protectionist stance on trade.

U.S. and Chinese leaders are expected to meet at a G-20 meeting in Argentina at the end of the month, though few economists expect the scheduled talks to resolve the trade dispute.

China stocks fell on Friday in anticipation of the U.S.-China trade talks. The Shanghai Composite dropped 2.5 percent while the Shenzhen A Share index pulled back 3.7 percent.

On the data front, investors are likely to closely monitor a flash reading of Markit Services PMI data for November at around 9:45 a.m. ET.

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