US Stocks Pare Losses

Wall Street pared some losses on Friday, with the blue-chip down just 50 points and the S&P 500 and Nasdaq briefly crossing into positive territory as investors digested a slew of economic releases.

The PPI, 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.

This hotter-than-expected US inflation reading triggered a selloff among equities markets, with higher Treasury yields denting appetite for tech and other growth stocks.

However, a different report from the University of Michigan showed an unexpected drop in short-term inflation expectations to the lowest level in more than a year, bringing some respite again to markets.

Investors are betting that the Fed will raise rates by 50 bps next week.

On the corporate side, DocuSign surged over 10% on better-than-expected quarterly results, while Lululemon tumbled 12% after issuing weak fourth-quarter guidance.