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Stocks fell Friday, building on the sharp losses from the previous session as Wall Street heads for a losing week.
The Dow Jones Industrials gave back 54.7 points to commence trading Friday at 32,972.79.
The S&P 500 let go of 1.33 points at 3,821.06.
The NASDAQ Composite Index lost 48.19 points to 10,427.93.
The major indexes oscillated Friday morning after the core personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, came in slightly hotter than economists expected on a year-over-year basis, indicating that inflation is sticking despite the Fed’s efforts to fight it.
The S&P 500 is now down more than 1% for the week, on pace for its third-straight weekly decline. The NASDAQ, meanwhile, has lost 3% this week. The Dow has been the outperformer this week, currently on track for a less than 1% loss.
Recession fears have resurged recently dashing some investors’ hope for a year-end rally and leading to big losses in December. Investors worry that overtightening from central banks worldwide could force the economy into a downturn.
For December, the S&P 500 has lost about 5%, while the Dow has shed 6% and NASDAQ has lost more than 9%. Those would be the biggest monthly declines for the major averages since September.
Stocks are also on pace for their worst annual performance since 2008.
Prices for the 10-year Treasury wilted, raising yields to 3.73% from Thursday’s 3.68%. Treasury prices and yields move in opposite directions.
Oil prices vaulted $2.21 to $79.70 U.S. a barrel.
Gold prices heightened $4.70 to $1,800.00 U.S. an ounce.
