Updated from 7:47 a.m.

Dow Jones Industrial Average futures moved lower on Friday, coming back from a multi-day rally, as big gains in banking stocks were put on pause. 

Dow futures were down 0.24%, S&P 500 futures fell 0.42%, and Nasdaq futures declined 0.8%. 

Banking stocks had lifted the Dow to new records as investors bet on reduced regulatory hurdles under a Donald Trump Administration. Financials including JPMorgan Chase (JPM) , Citigroup (C) and Wells Fargo (WFC) rallied over the past few days, but were pulling back in premarket trading. Banks' business operations were closed on Friday in honor of Veterans' Day, though trading remained open as normal. 

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The Dow closed at a new record on Thursday, though the Nasdaq plummeted in tumultuous trade in the wake of Tuesday's election results. Investors have stayed busy trying to gauge the types of policies president-elect Donald Trump could enact.

Crude oil prices moved lower on Friday after major oil producers showed production at record highs. The Organization of Petroleum Exporting Countries, a major oil-producing bloc, reported an increase in October output to 33.64 million barrels a day. Production rose by 240,000 barrels per day from a month earlier. The increase exacerbates problems for an already-oversupplied oil market which has struggled with low prices and weaker demand. OPEC is scheduled to meet later this month in what traders hope could result in a production freeze agreement. 

West Texas Intermediate crude oil was down 1.4% to $44.04 a barrel on Friday. 

The case to move rates higher is "quite strong," Federal Reserve Vice Chairman Stanley Fischer said on Friday. Speaking at the Central Bank of Chile, Fischer said that rates will likely increase gradually, especially as the Fed reaches its inflation and labor market targets. Fischer, a voting member of the Federal Open Market Committee, also said the central bank's interest rate hikes will likely level off at lower normal levels than historically seen. Markets have priced in a likely December rate hike. 

J.C. Penney (JCP) slumped 6.5% after reporting disappointing quarterly sales. The department store saw a 0.8% decline in same-store sales over its recent quarter, a sharp decline from 6.4% growth in the year-ago quarter. Analysts had anticipated 2.2% growth. J.C. Penney now expects same-store sales to increase 1% to 2% for the full year, half the growth previously expected. 

Nordstrom (JWN) rose 3.9% in premarket trading after exceeding profit and sales estimates in its third quarter. The department-store chain earned an adjusted 84 cents a share on revenue of $3.5 billion. Analysts anticipated earnings of 51 cents a share on $3.48 billion in sales. 

Disney (DIS)  added 2.2% in premarket trading despite a disappointing quarter for its ESPN business. The world's largest entertainment company reported lower advertising sales and increased costs at its sports cable unit. Disney CEO Bob Iger calmed investors' nerves in a conference call, noting that ESPN grew in 2016 and that the company expects "that growth to continue over the long term." Overall adjusted earnings of $1.10 a share fell short of expectations by 6 cents, while revenue of $13.1 billion missed by $400 million.

Michael Kors (KORS)  fell 5.8% in premarket trading after issuing a disappointing outlook. The accessories retailer anticipates fiscal 2017 earnings between $4.32 and $4.38 a share, below the consensus estimate of $4.58, and a same-store sales decline in the mid-single-digit range. Michael Kors also reported weaker second-quarter results than expected as a decline in tourism and drops in mall traffic affected sales. Same-store sales fell 5.4%. 

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