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Stock futures were lower early Friday, continuing bearish momentum seen in Thursday’s deep selloff.

At 7:45 a.m. ET, Dow and S&P 500 futures were down about 1%, while Nasdaq futures were down 0.7%.

After recovering earlier this week, the stock market is back on pace for weekly losses after the S&P 500 posted its worst weekly loss since late September last week.

Crude oil prices were also under pressure early Friday, with WTI futures down more than 2% at $74.40 a barrel. Oil hit a new 2022 low earlier this week.

Equity markets came under heavy selling pressure on Thursday, with the Nasdaq falling more than 3% as Wednesday’s rate hike by the Federal Reserve was followed by respective moves by the Bank of England and the European Central Bank on Thursday morning.

Statewide, investors also digested a weaker-than-expected retail sales report, a sign that consumers may be cracking under pressure from higher interest rates and still high inflation.

Federal Reserve Board Chairman Jerome Powell leaves a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point at the Federal Reserve Building in Washington, U.S., December 14, 2022. Reuters/Evelyn Hochstein DAY

Investors will be on the lookout for preliminary data on the health of the S&P Global services and manufacturing sectors on Friday morning, while the earnings calendar is light, with Darden Restaurants ( DRI ) and Winnebago Industries ( WGO ) both rising after their latest reports.

In crypto markets, Bitcoin (BTC-USD) and other major cryptocurrencies were under selling pressure early Friday, with Bitcoin down nearly 4% to $17,010.

Earlier this week, Bitcoin broke above $18,000 for the first time since the FTX collapse in early November.

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