Wall Street Falls on Friday

US stocks closed lower on Friday, with the Dow losing more than 300 points, and both the S&P 500 and the Nasdaq falling 0.7% 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 fell 2.8%, its worst week since September while the S&P 500 was down 3.4%, and the Nasdaq shed 4%.