Futures are getting smoked

After finishing off the worst week of the year on Friday, stock futures are getting slammed on Monday morning.

Near 7:46 a.m ET, Dow futures were down 163 points, S&P 500 points were down 57 points, and Nasdaq futures were off 12 points. On Friday, the three major indexes closed down more than 2%.

"Markets picking off ... where they left off," wrote Accendo Markets in morning commentary to clients. The analysts recalled that mixed earnings results, a strengthening dollar, and the disappointing new home sales data all weighed on stocks last week.

Chinese stocks got clobbered again, and the Shanghai Composite fell 8.48% to clock its worst one-day percentage decline since February 2007. All the sectors closed lower.

Gold is catching a bit of a break this morning, and climbed above $1,100, up nearly 1%. But crude oil is still under pressure on oversupply concerns, and fell to as low as $47.45, or a drop of more than 1%.

The data flow today includes durable goods orders at 8:30 a.m. ET, and the Dallas Fed manufacturing survey at 10:30 a.m.