U.S. stocks slipped on Friday as stubbornly high inflation and a rebound in rates continue to weigh on investor sentiment.
The Dow Jones Industrials subtracted 29.13 points to pause for lunch Friday at 33,667.72
The S&P 500 retreated 30.27 points to 4,060.14.
The NASDAQ Composite skidded 137.57 to 11,765.09.
Stocks are trending down for the week. The Dow is down 0.9% for the week. The 30-stock index is on pace for its third negative week in a row — a first since September. The NASDAQ is down 0.02% for the week. Meanwhile, the S&P 500 is down 0.85%.
Energy was the biggest laggard across indexes. Albemarle docked more than 10% and Devon Energy fell nearly 5%, weighing on the S&P 500.
Investors continue to worry about how the economy and equities will hold up as the Federal Reserve hikes rates to tame stubbornly high inflation. In a Friday speech, Federal Reserve Governor Michelle Bowman said there's a long way to go before the central bank reaches its target of 2% inflation.
The moves came after major averages shed more than 1% on Thursday, after the U.S. Labor Department said the producer price index — an inflation metric that tracks wholesale prices — rose 0.7% last month. That was more than economists expected.
Prices for the 10-year Treasury inched higher, lowering yields to 3.84% from Thursday's 3.86%. Treasury prices and yields move in opposite directions.
Oil prices decreased $2.07 cents to $76.42 U.S. a barrel.
Gold prices fell $3.20 to $1,848.60 U.S. an ounce.