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Stocks Decline as Crude Oil Falls Below $35, PMI Disappoints

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U.S. equities declined in early trading Friday as overseas markets and continued weakness in oil prices weighed on sentiment.

West Texas Intermediate crude oil prices fell 0.6% and are back below $35, weighing on energy equities. Schlumberger Limited ( SLB ) is down 0.9% while Chevron ( CVX ) and Exxon Mobil ( XOM ) were both down 0.3% early.

The preliminary December Markit purchasing managers' index (PMI) slid to its weakest reading in a year, only slightly better than December 2014. The employment component also dipped to the lowest in a year.

Other losers Friday included CarMax ( KMX ), which fell 7.4% after third-quarter earnings missed expectations, and Boeing, which declined 1.1% after its stock was downgraded at Wells Fargo.

The Dow Jones Industrial Average fell 0.8%, the Standard & Poor's 500 declined 0.6% and the FTSE 100 was down 0.5%.

Globally, the Nikkei was down 1.9%, the Hang Seng declined 0.3% and the Shanghai Composite was marginally lower.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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