U.S. crude

Energy stocks lead an early decline as oil price slumps

U.S. crude sank 3 percent in early trading in New York Friday after the International Energy Agency forecast that oil supplies from non-OPEC countries are expected to plunge next year.

Drilling and other energy companies were among the biggest decliners in early trading. Rig operator Transocean fell 3.4 percent.

The Dow Jones industrial average fell 68 points, or 0.4 percent, to 16,264 in early trading.

Global market sell-off intensifies as China currency drops

China's government said the devaluation of the yuan was part of reforms meant to make its exchange rate more market-oriented. But the decision has added to worries over slowing growth in the world's second-largest economy and that Western companies might find it harder to sell their goods there.