Stocks fell on Friday, heading for weekly losses, as fears of rising interest rates mounted on Wall Street.
The Dow Jones Industrial Average fell 111 points, or 0.3%, which puts it on track to its worst week since September. The S&P 500 and Nasdaq Composite fell 0.5% and 0.7%, respectively.
The Dow is down more than 2% for the week so far, while the S&P 500 is down 2.7%. The Nasdaq lost 3.4%.
Friday’s moves came in November The PPI showed wholesale prices higher than expected, which rose 0.3%. last month and 7.4% over the previous year. That exceeded the 0.2% gain expected by economists in a Dow Jones poll. The core PPI, which excludes food and energy, rose 0.4%, beating an estimate of 0.2%.
Investors focus on the busy economic calendar next week, with another key inflation figure – the Consumer Price Index – released on Tuesday, expected to show whether prices are easing.
The Fed is also expected to increase by 50 basis points at the close of its policy meeting in December. While the increase will be smaller than the previous four hikes, concerns have mounted about whether the central bank can engineer a soft landing and prevent a recession.
“I think we need to wait for the CPI number next week, but I will say that number, this morning’s PPI, is definitely disappointing,” Brenda Vangelo, chief investment officer at Sand Hill Global Advisors, told CNBC’s “Squawk Box.” , adding that recent data is “pilling in favor” of a continued Fed hike.
Friday’s move comes after the S&P 500 snapped its longest losing streak since October. The Nasdaq had the strongest performance on Thursday, rising 1.13%.
In other news, Share lululemon It fell more than 6% after the company gave Fourth quarter forecasts are weaker than expected. Bath & Body Works shares acquired eg Dan Loeb revealed his stake increase.
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