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Wall Street opened lower on Friday as weak manufacturing data from China spooked investors already worried about global growth.

LONDON - U.S. oil prices headed for their eighth consecutive week of falls on Friday, the longest losing streak since 1986, after a sharp drop in Chinese manufacturing increased worries over the health of the world's biggest energy consumer.

WASHINGTON - As he weighed whether to support President Barack Obama's nuclear deal with Iran, Representative Donald Norcross was showered with the sort of attention rarely shown to junior members of the U.S. Congress.

SHANGHAI -- Chinese stocks on Friday hit their lowest point since the government launched a massive program of intervention to prop up the market in early July, as manufacturing output figures gave another indication of the country’s slowing economy.

Gold gained in Asia on Friday after a weaker than expected manufacturing flash survey from Caixin and as investors increasingly doubt the Federal Reserve will raise rates in September. (Reuters)

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Ouch. It's all red on Friday.

Global markets are hitting fresh lows and U.S. stock futures are edging lower.

But it's the same old story: China turmoil, low oil prices, Fed uncertainty. 

1) China slides again

The Shanghai Composite plunged 4.3% Friday, ending the week down 11%.

China manufacturing data came out worse than expected, hitting its lowest level in more than six years. The slowdown in China's factory activity is adding to concerns about the strength of global economic growth. 

2) Stock market movers

Ross, Intuit, Mondelez International: Discount retailer Ross (ROST) saw shares sink more than 9% after the company warned it has a "cautious" outlook for the remainder of the year.

Intuit (INTU) stock also dipped 3% in after-hours trading. Mondelez International (MDLZ) shed 2.3% after the closing bell. 

3) Commodities, emerging market currencies plunging

A range of emerging market currencies edged down again on Friday as the slide in oil and other commodities continue. The Russian ruble, Turkish lira, Malaysian ringitt and others are taking a hit.

Oil is still hovering just above $40 per barrel, after plunging to a six-year low earlier this week. 

4) U.S. earnings and economics

John Deere (DE) and Foot Locker (FL) are among a small group of companies expected to report earnings before the market opens.

U.S. manufacturing data are expected later on Friday.

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What is it? Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

When? At 8:30am Eastern Time. 

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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What is it? Volatile items account for about a quarter of CPI but they tend to be very volatile and distort the underlying trend. The Bank of Canada pays most attention to the Core data - so do traders. This is among the few non-seasonally adjusted numbers reported on the calendar, as it's the calculation most commonly reported.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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1) Wall Street fell sharply for the fourth straight day on Thursday after the Federal Reserve highlighted global growth concerns and as finance stocks declined on speculation that the central bank would not raise interest rates in September.

2) U.S. home resales rose more than expected in July to their highest level since 2007, a sign the U.S. housing market was heating up and could provide more support for the overall economy.

3) The number of Americans filing new applications for unemployment benefits unexpectedly rose last week, but the trend remained consistent with solid labor market momentum that could keep the Federal Reserve on track to raise interest rates this year. (Reuters)

4) U.S. crude oil prices fell to almost $40 a barrel on Thursday, their lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels.

5) The dollar moved lower against a basket of other major currencies on Thursday after the minutes of the Federal Reserve’s latest meeting prompted investors to push back expectations on the timing of an initial rate hike.

6) Gold prices extended gains to a five-week high on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. rose unexpectedly last week. (Investing.com)

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

Investors are bracing for a bruising session Thursday.

U.S. stock futures were falling and global markets are awash with red. 

1) Oil slides

Crude prices are under pressure, losing 0.7% to hover just below $41 a barrel, after plunging to a six-year low on Wednesday. Oil has been falling in recent weeks as the supply glut worsens and demand remains sluggish. Weak oil is ringing alarm bells for investors about the health of the global economy.

And the latest victim of low oil prices? Kazakhstan. Its currency plunged 23% after the country's government allowed the tenge to float freely in an attempt to blunt the impact of falling crude prices. 

2) China tumbles

Another day, another wild ride for Chinese investors. The Shanghai Composite closed down 3.4% and the smaller, tech-heavy Shenzhen index lost 3%.

Volatility has dominated trading in China over the summer and prompted Beijing intervene to stabilize markets. 

3) Earnings updates

A batch of results are due before the market open, including Tech Data (TECD), Sears (SHLD), Madison Square Garden (MSG), Stein Mart (SMRT) and Kirklands (KIRK). This afternoon, Hewlett-Packard (HPQ, Tech30), Gap (GPS) and Ross (ROST) are due to provide earnings updates. 

4) Economic reports

Plenty to watch out for on the economic front, beginning with the federal government's weekly jobless claims at 8:30 a.m. ET.

The National Association of Realtors releases July home sales figures at 10 a.m. ET. Sales surged in June, but analysts don't expect the trend to continue.

Also at 10 a.m., the Philadelphia Fed will post its business outlook survey for August. Last month there were signs manufacturing was slowing down, and unemployment data wasn't favorable.

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