NEW YORK (TheStreet) -- Stock futures pulled back slightly Friday morning after the S&P 500 and Dow Jones Industrial Average rallied more than 1% a day earlier.

Stocks have seen high volatility this week as investors process the likelihood the Federal Reserve, which meets next week, will remove its "patient" language, which could signal a summer rate hike. 

S&P 500 futures were down 0.1%, Dow futures slid 0.14%, and Nasdaq futures were flat.

Producer prices remained weak in February with prices down 0.5% on top of a 0.8% decline in January. Economists had expected an increase of 0.3%. Excluding volatile items such as food and energy, the index remained down 0.5%, compared to estimates of a 0.1% gain. 

The Nikkei in Tokyo bypassed the 19,000 level overnight, rocketing 1.4% higher on the back of a rally on Wall Street. The Japanese stock market hasn't seen a close above that level since April 2000. 

European markets moved slightly lower, erasing earlier gains. Germany's DAX, France's CAC 40 and the FTSE 100 in London were all modestly higher earlier in the session on expectations a weaker euro would help exporters. The euro hit a 12-year low of $1.0513 against the U.S. dollar on Wednesday on the view the Fed was marching toward policy normalization. 

Oil prices plunged below $47 a barrel after the International Energy Agency warned that a recovery remained fragile as the U.S. production shows little signs of meaningfully slowing down. West Texas Intermediate plummeted 1.9% to $46.16 a barrel. 

"Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly," the energy watchdog said in its monthly oil report. 

Herbalife (HLF) - Get Report was up 3.5% in premarket trading on reports the FBI and Manhattan prosecutors will investigate potential stock manipulation, accord to TheWall Street Journal. The investigation will cover whether hedge fund investor Bill Ackman deliberately made false statements to lower stock prices.

Teen retailer Aeropostale (ARO) plummeted 10% in premarket trading after guiding for a first-quarter net loss between 53 cents and 61 cents a share. Analysts had expected a net loss of 36 cents a share. The company beat fourth-quarter estimates on its top- and bottom-lines. 

Ulta Salon (ULTA) - Get Report jumped more than 8% before the bell. The beauty supplies chain reported quarterly comparable-store sales up 11% with a 55% jump in e-commerce sales.