After equity markets rose on Thursday, stock futures fell on Friday as investors gauged the impact of energy talks between the US and European Union.
The S&P 500 futures were down 0.11%.
The Europe-wide Stoxx 600 was down in early trading. Asian stocks fell overnight as investors worried about possible US sanctions on the country's companies should Beijing support Moscow and the war against Ukraine.
The price of oil fell, with the price of oil falling by 2% and the price of oil falling by 2.31%.
European Union leaders stopped short of boycotting Russian oil as they met for high level talks, but that didn't stop prices from going down. Austria, which gets 70% of its natural gas from Russia, is one of the countries warning against sanctions.
The EU and the US are expected to announce a deal for the US to supply more natural gas to the trading bloc after President Joe Biden met leaders in the Belgian capital Thursday.
The economic implications of Russia's invasion of Ukraine have left investors scrambling.
Russia is a major energy provider and the sanctions imposed by the West have caused energy prices to go up, raising concerns that inflation could spike even further and central banks could be forced to tighten monetary policy.
In the near term, we believe that outcomes for markets will focus on the question of when we will reach peak sanctions and oil prices.
US stocks were already having a rough year because of expectations that the Fed would have to raise interest rates sharply in the future.
The S&P 500 was set for another week of gains on Friday after staging a comeback over the last two weeks. The index was around 5% lower for the year as of Thursday's close, but the Nasdaq 100 was down 9.5% and the Dow Jones was 4.5% lower.
Bond prices have fallen as central banks have begun to raise interest rates.
The yield on the 10-year Treasury note was 2.354% on Friday. It started the year at 1.6% and traded near three-year highs.
US weekly jobless claims fell to their lowest level since 1969 last week, but new orders of durable goods fell in February.
Edward Moya, senior market strategist at Oanda, said that business activity may change a bit more, but not everyone is expecting a complete decline in the space.
The founder of a space investing fund explains why war in Ukraine is transforming the sector and shares 9 stocks that could soar.
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