The Nasdaq Composite fell on Friday as Nvidia shares added to their recent losses, though the index still headed for a winning week alongside the other two major averages.
The tech-heavy Nasdaq dropped 1.7%, while the S&P 500 slid 1%. The Dow Jones Industrial Average traded down 70 points, or 0.1%.
Equities initially popped after October's producer price index reading — a measure of wholesale inflation — showed an increase of 0.3% on the month. Economists polled by Dow Jones had seen headline PPI rising 0.4%.
However, the report also showed producer prices gaining 6.5% from 12 months earlier — the biggest annual advance since November 2022.
"Today's PPI data — which shows some signs of improving, albeit still too-high — is unlikely to change the Fed's approach in December because the CPI data was already outside their comfort zone," said Chris Zaccarelli, chief investment officer at Northlight Asset Management.