NEW YORK (CNN/Money) - A day after one of the biggest rallies in years, U.S. stocks looked to open lower Friday as new oil price pressure threatened to weigh on markets.

Futures were down, indicating a lower opening for stocks after the Dow industrials nabbed its best day in more than two years Thursday and stocks surged on upbeat economic news and several solid earnings reports.

Oil prices were higher Friday, pushing back toward $55 a barrel, as traders expressed concern that sustained demand and refinery outages could strain U.S. gasoline supplies ahead of the peak summer driving season.

The June light crude contract gained 38 cents to $54.58 a barrel in electronic trading, while the June contract for Brent crude rose 57 cents to $54.58.

The rising oil is feeding investor unease about economic weakness ahead, said Michael Carty, stock market strategist, New Millennium Advisors. And he said with those concerns the strong rally seen Thursday was likely to prompt a sell-off in reaction.

He said despite a number of good earnings reports there is growing concern that the nation could see the unfortunate and unusual combination of higher prices and lower economic growth, a condition known as "stagflation."

"Stagflation is in the back of the minds of many investors right now," said Carty. "When they see energy getting quirky, they want to duck. And when they see the market rally, they want to take some chips off the table."

After the market close Thursday, influential Internet leader Google (Research) reported quarterly results that beat forecasts on an earnings and revenue basis, and grew from a year ago, sending shares sharply higher in after-hours trade.

Also after the close, SanDisk (Research), which makes computer memory cards, reported quarterly earnings that rose from a year ago and topped estimates, as well as gross profit margins that beat estimates.

Asian stocks finished higher Friday, with Tokyo's Nikkei index up 0.6 percent. European markets gained ground in early trading.

In currency trading, the dollar retreated against the euro and yen. Gold was slightly higher.