Stocks opened higher on Friday but had forfeited those gains in late morning trade after consumer sentiment data from the University of Michigan on Friday showed a notable increase in consumer inflation expectations.
Near 11:30 a.m. ET, each of the S&P 500 (^GSPC), Dow Jones Industrial Average (^DJI), and tech-heavy Nasdaq Composite (^IXIC) were down more than 0.2%.
Through the week’s first four trading sessions the S&P 500 had been flat, the Dow off about 1%, and the Nasdaq up by the same amount.
Ahead of the weekend, investors will continue to closely track updates on the ongoing debt ceiling negotiations, with a key meeting between President Joe Biden and House Speaker Kevin McCarthy postponed until next week.