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


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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