Stocks extended declines by mid-afternoon on Friday as crude oil tumbled below $50 a barrel. 

The S&P 500 was down 1.1%, falling into the red for the week. The Dow Jones Industrial Average slid 0.87%, and the Nasdaq declined 1.5%.

Crude oil on Friday fell further from 11-month highs achieved earlier in the week. The commodity held onto steep losses through the afternoon session after a weekly read on the oil industry showed the number of active oil rigs climb by three to 328. 

West Texas Intermediate crude oil was down 3% to $49.07 a barrel.

Consumer sentiment weakened in June, a sign that labor market worries and U.S. presidential politics have begun to influence moods. The consumer sentiment index was 94.3 in mid-June, above estimates for a reading of 94 but below May's final reading of 94.7.

U.S. stocks on Thursday closed in the red following a three-day winning streak after a pullback in crude prices pressured the energy sector.

Tesla Motors (TSLA) - Get Report refuted reports it is under review for potential safety issues in its Model S suspension. The electric carmaker said in a blog post Thursday that "there is no safety defect" and that "since we own all of our service centers, we are aware of every incident that happens with our customer cars."

Urban Outfitters (URBN) - Get Report fell after warning that same-store sales in the current second quarter were declining in the mid single-digit percentage range. Analysts had expected same-store sales to grow 1.1% in the period. Same-store sales in the year-ago quarter climbed 4%.

H&R Block (HRB) - Get Report rose after topping fourth-quarter estimates on its top- and bottom-lines. The tax preparer also raised its quarterly dividend by 10% to 22 cents a share. Total returns for the latest tax season fell 4.5%.

JM Smucker (SJM) - Get Report was downgraded to hold with a $143 price target from buy at Jefferies. The firm said the move was a valuation call as the stock has risen 16% over the past six months.

Visa (V) - Get Report was boosted to a $90 price target at Oppenheimer. Analysts also increased earnings estimates based on its Visa Europe acquisition. An outperform rating was reiterated.

"We remain constructive on shares of V, especially after the company received regulatory approval last Friday for its acquisition of Visa Europe with the transaction expected to close by end of June versus prior guidance for September," said Jack Mohr, co-portfolio manager of Jim Cramer'sAction Alerts PLUS charitable trust portfoliowhich holds Visa.

"This not only is an incremental positive as it eliminates any uncertainty-related overhang but provides the combined entity with a compelling set-up into 2017 and beyond," he continued. "We see several catalysts driving accelerating earnings growth beyond accretion from the Visa Europe acquisition (expected to be at least 10% accretive by 2020) including volume/price lift post-launch of the Costco (COST:NYSE) and USAA portfolios, next year's planned domestic debit fee increase and easier year-over-year comparisons related to currency and cross-border volume."

Mattress Firm (MFRM) was downgraded to underperform from neutral at Bank of America. The firm said visibility continues to wane.

Coca-Cola European Partners (CCE) stock coverage was reinstated with a buy rating and $47 price target at Deutsche Bank on Friday morning. The firm said it sees "fundamental upside from share gains, growth in stills, synergies and cost savings using considerable free cash flow in shareholder-friendly ways."

JetBlue (JBLU) - Get Report slid on Friday after the company reported disappointing May data. The airline reported that capacity growth outpaced traffic in May and it cut its capacity growth outlook for 2016. For the full year, JetBlue lowered its capacity growth forecast to between 8.0% and 9.5% from 8.5% to 10.5%.