Futures are rallying

We're seeing a rebound in US stock futures at the end of a brutal week of selling.

Near 7 a.m. ET, Dow futures were up 154 points, S&P 500 futures were up 21 points, and Nasdaq futures were up 46 points, all by about 1%.

A global market sell-off Thursday pushed the MSCI world index into a bear market, 20% below its May 2015 peak. Near the end of yesterday's session, however, US stocks and oil prices recovered a bit after headlines crossed that OPEC was ready to cooperate on an output cut.

Crude oil prices are also higher Friday morning, with West Texas Intermediate crude up 4% to about $27.77 a barrel.

Meanwhile, some of the 'risk-off' trades that exploded this week are taking a bit of a breather. Gold futures were down less than 1%, or $8.80 an ounce, and near $1,239, following its biggest daily gain in seven years.

US Treasurys were lower, raising the yield on the benchmark 10-year note by about four basis points to 1.692%.

Of course, these reversals are minute compared to the big moves we saw earlier this week. The yen, for example, is still on track for its biggest weekly jump since 2008. The Dow could have its biggest weekly drop in five weeks. The Nasdaq is dangerously close to a bear market. And so on.

At 8:30 a.m. ET, we'll get January retail sales data, followed by UMich. consumer confidence at 10 a.m. Baker Hughes' weekly count of US oil and gas rigs crosses at 1 p.m.