U.S. stocks open lower, set for weekly drop after hotter-than-expected wholesale inflation report

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U.S. stock indexes opened lower on Friday after wholesale prices rose more than expected in November, dampening hopes that inflation might be cooling off. The Dow Jones Industrial Average DJIA, -0.90% lost 85 points, or 0.2%, to 33,717. The S&P 500 SPX, -0.73% shed 0.2%, while the Nasdaq Composite COMP, -0.70% declined by 0.3%. Three major indexes are on pace to book a week of sizable losses with the S&P 500 approaching a weekly loss of 3.1%. Technology stocks have declined even more, with the Nasdaq Composite down 4% so far this week. U.S. wholesale prices rose 0.3% in November, the Labor Department said Friday. That topped the 0.2% gain expected by economists polled by Dow Jones. The core producer price index, which excludes volatile food, energy and trade prices, also rose 0.3% in November, up from a 0.2% gain in the prior month.

This article was originally published by Marketwatch.com. Read the original article here.

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