US stocks follow European markets lower

New York - US stocks followed European equity markets lower in opening trade on Friday on worries about plunging oil prices.

Five minutes into trade, the Dow Jones Industrial Average stood at 17 504.25, down 92.09 points (0.52%).

The broad-based S&P 500 fell 9.15 (0.45%) to 2 026.18, while the tech-rich Nasdaq Composite Index declined 22.08 (0.47%) to 4 686.08.

Oil prices have dropped nearly 50% since June. Although lower prices mean consumers have higher disposable income, analysts have expressed anxiety at the speed of the decline.

Oil fell again on Friday after the International Energy Agency slashed its demand forecast.

"The IEA news isn't exactly a shocker, yet it is feeding into concerns that oil prices will continue to slide, raising the spectre of margin calls, debt repayment difficulties  and social unrest in countries heavily reliant on oil export revenue," said Briefing.com analyst Patrick O'Hare.