U.S. stock indices fell on Friday with plunging oil prices being the biggest contributors to declines as market participants prepared for a rise in supplies from Iran.

The Dow Jones Industrial Average plunged 390.97 points, or 2.4%, to 15,988.08. The S&P 500 declined 44.85 point, or 2.3%, to 1,876.99 (all of its 10 sectors fell). The Nasdaq Composite lost 126.59 points, or 2.7%, to 4,488.42.

A renewed selloff in Chinese stocks weighed on U.S. markets. Meanwhile both S&P 500 and the Dow lost more than 2% over the week. However the Nasdaq outpaced their declines and lost more than 3% over the week.

The Federal Reserve reported on Friday that industrial production contracted more than expected in the U.S. in December. The corresponding index fell by 0.4% m/m, while economists had expected a more modest decline of 0.2%. Industrial production fell by 1.8% on an annualized basis.

This morning in Asia Hong Kong Hang Seng fell 0.50%, or 97.13, to 19,423.64. China Shanghai Composite Index gained 1.10%, or 31.79, to 2,932.76. The Nikkei lost 1.03%, or 177.44, to 16,969.67.

Asian stocks traded mixed as declines in Wall Street encouraged investors to sell. Market participants are waiting for China GDP data due on Tuesday. This report might have significant influence on global stock markets as concerns over the Chinese economy have been key negative factors for stocks.