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Stocks gyrated on Friday, but headed for a down week as worries over continued rate hikes persisted.
The Dow Jones Industrials hurtled lower 305.02 points to 33,475.46, sustaining its worst week since September.
The S&P 500 tailed off 29.13 points to 3,934.38
The NASDAQ Composite Index retreated 77.39 points to 11,004.62
For the week, the Dow was off by 2.3%, while the S&P 500 fell 2.8%. The NASDAQ was down 3.4%.
Shares of Lululemon fell more than 13% after the company gave a weaker-than-expected fourth-quarter outlook. Bath & Body Works’ stock gained marginally as Dan Loeb revealed a boost in his stake. DocuSign jumped on strong results.
Friday’s moves came as November’s producer price index showed higher-than-expected wholesale prices, which rose 0.3% last month and 7.4% over the previous year. That topped the 0.2% gain expected by economists polled by Dow Jones. Core PPI, which excludes food and energy, rose 0.4%, beating an estimate of 0.2%. Optimistic consumer sentiment data helped to alleviate some fears.
Prices for the 10-year Treasury fell, raising yields to 3.59% from Thursday’s 3.49%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged from Thursday at $71.46 U.S. a barrel.
Gold prices gained $5.70 to $1,817.30 U.S. an ounce.
