U.S. stock futures fell at the start of trading Friday morning as markets cap off a bumpy week following the Federal Reserve's interest rate decision on Wednesday and further pressure in the banking sector.

The S&P 500 (^GSPC) dropped about 0.4% at the open, while the Dow Jones Industrial Average (^DJI) lost 160 points, or 0.5%. The technology-heavy Nasdaq Composite (^IXIC) also declined, falling roughly 0.3%.

WTI crude oil (CL=F) fell about 3% in early trading to $68 a barrel, nearing its lowest level in nearly two years. Brent crude (BZ=F) also dipped 2.6% to just under $74 a barrel.

The pressure in oil comes after Energy Secretary Jennifer Granholm told lawmakers on Thursday refilling the country's Strategic Petroleum Reserve (SPR) may take several years and that it will be "difficult" to utilize the current decline in oil prices.

U.S. government bond yields also dipped.The benchmark 10-year Treasury yield fell 10 basis points to trade near 3.3%.

On Wednesday, the Fed raised rates by a 25 basis points, bringing the range for the fed funds rate to 4.75%-5%, the highest since October 2007, in addition to suggesting its aggressive rate hiking campaign to quell inflation was winding down.

"The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time," the Fed said in its policy statement, doing away with language for "ongoing rate increases" in interest rates.

Stocks ended Thursday's volatile trading session higher as investors digested the Fed's latest move.

"Powell stuck with the Fed's narrative that there is still a path toward a soft-landing or returning inflation to target without pushing the economy into a recession," wrote Ryan Sweet, Chief U.S. economist at Oxford Economics, in a note on Wednesday. "However, that path has become narrower because of the pressure on the banking system."