Wall Street is drifting on Friday as stocks head toward the close of their worst week since December.
The S&P 500 was virtually unchanged after flipping between small gains and losses through the morning. It’s on pace for a 1.3% loss for the week. The Dow Jones Industrial Average was up 75 points, or 0.2%, at 33,775, as of 11:15 a.m. Eastern time, while the Nasdaq composite was 0.6% lower.
The worries about rates mean much of Wall Street’s action has been in the bond market, where yields have climbed on expectations for a firmer Fed. A preliminary report Friday showed expectations for year-ahead inflation rose to 4.2% from from 3.9% in January, according to the University of Michigan. But that’s still down from 4.4% in December. The report also showed mixed sentiment about the economy, though the overall reading was a bit better than expected.
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