Futures are getting slammed

Everything is getting slammed again.

To start Friday, both West Texas Intermediate crude oil and Brent crude - the US and international benchmarks - are back below $30 per barrel. WTI fell nearly 5% to as low as $29.41 per barrel.

US stock futures are also under decent pressure after a rally on Thursday, which marked the best day for the S&P 500 this year. Dow futures were down by as many as 240 points, S&P 500 futures were off about 29, and Nasdaq futures were down 71 points - all losses of about 1% around 6:47 a.m. ET.

Major indices around the world, from the DAX to the FTSE, are also bleeding red today.

And as we've seen in recent days, all this would not be complete without some news from China, where stocks have fallen 20% from their peak and entered a bear market. Despite government efforts to support stocks, the Shanghai Composite slumped more than 3% on Friday.

All this is happening ahead of a jam-packed economic calendar today. The consumer price index, retail sales, producer prices, industrial production, and University of Michigan consumer sentiment are all due this morning.

This post is being updated.