Stocks set to slide over political tensions

U.S. stock index futures fell deep into the red ahead of Friday's open, following negative sentiment in markets overseas.

Futures for the Dow Jones Industrials collapsed 112 points, or 0.4%, to 25,381

S&P 500 futures fell 13.25 points, or 0.5%, to 2,840.50, while futures for the NASDAQ composite plummeted 43.75 points, or 0.6%, to 7,431.75.

Turkish President Recep Tayyip Erdogan told his country "there are various campaigns being carried out" against Turkey, helping send the lira to a fresh all-time low against dollar.

Erdogan made his comments after the U.S. announced on Aug. 1 sanctions on Turkey's justice and interior ministers, prohibiting U.S. citizens from doing business with them. The move by the U.S. comes as Turkey refuses to free Andrew Brunson, an American evangelical pastor that was detained in 2016 on accusations of trying to overthrow the government after a failed coup earlier that year.

The U.S. remains embroiled in a trade dispute with China, meanwhile on Wednesday the States announced that it planned to inflict sanctions on Russia over its alleged chemical poisoning of an ex-spy in England earlier this year.

In economic data, consumer price index figures were due out at 8:30 a.m. ET, followed by the Monthly Treasury Statement at 2 p.m. ET.

Overseas, in Japan, the Nikkei 225 declined 1.3% while in Hong Kong, the Hang Seng index faded 0.8%.

Oil prices gained 48 cents to $67.29 U.S. a barrel.

Gold prices inched up 30 cents to $1,220.20 U.S. an ounce.