U.S. stocks were mixed on Friday as stubbornly high inflation and a rebound in rates continue to weigh on investor sentiment.
The Dow Jones Industrials recovered 39.45 points to kick off Friday at 33,736.30
The S&P 500 fell 17.73 points to 4,072.68.
The NASDAQ Composite skidded 90.74 points to 11,765.09.
Stocks are trending down for the week. The Dow is down 0.9%, 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 0.9%.
Energy was the biggest laggard across indexes. Albemarle backed off 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 3.85% from Thursday's 3.86%. Treasury prices and yields move in opposite directions.
Oil prices decreased $2.66 cents to $75.83 U.S. a barrel.
Gold prices fell $8.40 to $1,843.20 U.S. an ounce.