US Stocks Under Pressure

The Dow lost more than 100 points on Friday, and the S&P 500 and Nasdaq were down roughly 0.5% each as a hot reading on the PPI threw some cold water into expectations that the Federal Reserve will soon slow its aggressive tightening campaign.

The producer price index, which gauges the prices received for final demand products, rose 0.4% over the previous month in November, while analysts expected a modest 0.2% gain.

The report also showed the PPI coming in stronger than expected on a year-on-year basis and in its core reading.

Capping some of the downside momenta were expectations of a recovery in China's economy, with the world's largest economy relaxing many of its stringent COVID-19 controls and signaling more support for the property sector.

On the corporate side, DocuSign jumped almost 10% on better-than-expected quarterly results, while Lululemon over 7% after issuing a weak fourth-quarter guidance.