Wall Street Wabbles

US stocks gave up gains on Friday afternoon, with the Dow losing 100 points, the S&P 500 remaining near the flat line, and the Nasdaq trading slightly up as investors digested a slew of economic releases and remained concerned about the rate hikes.

The producer price index, rose 0.4% in November, while analysts expected a modest 0.2% gain.

On the other hand, the University of Michigan's consumer confidence unexpectedly improved showing a drop in short-term inflation expectations to the lowest level in more than a year.

Meanwhile, the Fed is set to raise rates by only 50 bps next week but it may not be possible for the central bank to architect a soft landing and prevent a recession.

On the corporate side, DocuSign surged over 15% on better-than-expected quarterly results, while Lululemon tumbled 12% after issuing weak Q4 guidance.

For the week, the Dow has fallen 2.3% and is on pace for its worst week since September while the S&P 500 is down 2.8%, and the Nasdaq shed 3.4%.