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Stock futures added to losses on Friday morning as crude oil backed off from a major rally a day earlier and the chances of a September rate hike increased. 

S&P 500 futures fell 0.54%, Dow Jones Industrial Average futures declined 0.56%, and Nasdaq futures were lower by 0.58%. 

Crude made a big swing higher on Thursday, closing with gains of more than 4%, after a steep and unexpected decline in domestic inventories. The amount of crude stored in U.S. inventories declined by 14.5 million barrels over the past week, the biggest weekly decline since 1999 and far better than an expected increase of 200,000 barrels. A weekly reading on U.S. oil rig activity out Friday afternoon should give a clearer picture on the domestic supply situation. 

West Texas Intermediate crude oil was down 1.9% to $46.71 a barrel on Friday morning. 

Federal Reserve speculation continued on Friday after Boston Fed President Eric Rosengren backed a rate hike sooner than later.

"My personal view, based on data that we have received to date, is that a reasonable case can be made for continuing to pursue a gradual normalization of monetary policy," Rosengren said in a speech in Quincy, Massachusetts.

Rosengren, a voting member of the Federal Open Market Committee, said that the risks to the U.S. economy have diminished and that there are concerns of "growing imbalances in some asset classes" if the Fed does not step in to normalize rates. 

Dallas Fed President Rob Kaplan will speak in Austin, Texas, during the day and in Dallas Friday evening.

A number of weak data points, including a slowdown in services activity and a weaker-than-expected August jobs report, have reduced the chances of a move when the Fed meets in less than two weeks. However, central bank members continue to signal a hawkish tone, suggesting that the U.S. economy is near or at the levels that warrant another rate hike. 

A boost in rates in September currently has a 27% likelihood, according to CME Group fed funds futures, far higher than a 15% chance earlier in the week. The majority of investors are banking on a December rate hike. Chances of a move during the Fed's final meeting of the year sit at 46%.

In earnings news, Restoration Hardware (RH - Get Report) rose 10% in premarket trading after reporting a better-than-expected second quarter. The home-furnishings retailer earned an adjusted 44 cents a share, 15 cents higher than forecast. Revenue increased 7.2% to $543.4 million and exceeded consensus by $32 million. 

Finisar (FNSR - Get Report) jumped 15% after posting record sales in its first quarter. The fiber-optic company reported net income of 38 cents a share, 8 cents higher than expected. Sales of $341.25 million climbed nearly 9%. Finisar CEO Jerry Rawls credited strong demand for 100GB/s transceivers for its quarterly performance. 

Kroger (KR - Get Report) moved slightly lower after missing sales estimates in its recent quarter and reducing its full-year guidance. The supermarket chain reported a 4% increase in sales to $26.6 billion, missing expectations by $220 million. Excluding fuel sales, second-quarter revenue rose 7.3%. 

Enterprise Products Partners (EPD - Get Report) has withdrawn its takeover bid for Williams Cos. (WMB - Get Report) after submitting a second offer in late August. The company said Williams had given it "no actionable path forward," failing to provide an official response to neither its first nor revised second bid. Enterprise Products Partners climbed in premarket trading, while Williams fell.  

Facebook (FB - Get Report) was added to Goldman Sachs' Focus List on Friday. Analysts said the company is an "asset-light disruptor" able to use its "world-leading user base and mobile engagement to monetize long-term growth."

Facebook is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB? Learn more now.