Stock Futures Slip Amid Tech, Oil Freefall
All three benchmarks are heading toward steep weekly losses
Futures on the Dow Jones Industrial Average (DJI) are down more than 100 points on Black Friday, set to continue the slide that defined Wednesday's last-minute pivot lower. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are in the red as well, as tech shares -- and, more specifically, FAANG names -- appear set to resume their sell-offs in today's shortened trading session. Elsewhere, oil prices are continuing their freefall, with January-dated crude futures down 7.2% at $50.68 per barrel. All three benchmarks are on track for weekly losses of 3% or more.
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Watch this stock market signal next week, says Schaeffer's Senior Quantitative Analyst Rocky White.Bull notes powered these 2 healthcare stocks.Analyst: This penny stock could double.Plus, Tesla cuts car prices in China; Facebook in more hot water; and a big EU announcement for Novartis. 
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 670,296 call contracts traded on Wednesday. This is compared to 488,856 put contracts. The single-session equity put/call ratio climbed to 0.73, and the 21-day moving average remained at 0.70.Tesla Inc (NASDAQ:TSLA) stock is down 0.9% in electronic trading, after the automaker cut the price of its Model S and Model X in China, citing pressure from tariffs. Amid some recent legal pressure, TSLA has consolidated below the $360 level after moving higher in late October following an upbeat quarterly report. The shares still remain 13% off their Aug. 7high of $387.46, though.Facebook, Inc. (NASDAQ:FB) stock is down 1.2% before the bell, after the social media giant admitted to hiring an opposition research firm to investigate billionaire George Soros, who was critical of the company's business model. As such, Soros' philanthropic endeavor has called for oversight of Facebook by lawmakers. FB has shed 38% since its late July highs near $219, guided lower by its descending 30-day moving average. The FAANG stock tagged an annual low of $126.85 back on Monday.Shares of Novartis AG (NYSE:NVS) are down 1.7% in electronic trading, despite receiving approval from the European Union (EU) for the company's retinal disease gene therapy, Luxturna. Now, the therapy faces a potential hurdle in the U.S., due to its lofty $850,000 price tag. NVS has added 16.5% in the past six months, but has spent most of November bumping up against the $90 level.In today's abbreviated session, Markit's flash composite purchasing managers index (PMI) will be released, along with the Fed's balance sheet. There are no earnings of note.
Tech Sell-Off Sinks China Stocks; Brexit Talks Boosting Europe
It was a low-volume session in Asia today, with markets in Japan closed for holiday. Chinese stocks led the rest of the regional markets lower as tech shares sold off after the Wall Street Journal reported the U.S. is trying to dissuade allies from doing business with Shenzen-based telecom concern Huawei. Sinking oil stocks also weighed on investor sentiment, with China's Shanghai Composite falling 2.5%, Hong Kong's Hang Seng shedding 0.4%, and South Korea's Kospi slumping 0.6%.
European markets are mostly higher at midday as traders keep a close eye on Brexit negotiations after the U.K. and the European Union agreed to a draft deal. At last check, the German DAX and the French CAC 40 are each up 0.2%, while London's FTSE 100 down 0.06%.