U.S. equity markets slumped lower to close out the worst weekly performance since late September as recession fears resurfaced after producer price inflation came in hotter than expected on Friday.

U.S. equity markets continued to push higher, largely buoyed by Fed Chair Powell’s speech this past week. On Wednesday, Powell noted that moderating the pace of rate hikes could come as soon as December, but there is still a long way to go to restoring price stability.

U.S. equity markets continued to push higher amid a quiet, holiday-shortened trading week as investors gauged Black Friday reports for indications of how U.S. consumer spending is holding up in an important holiday season.

Stocks turned lower last week as the recent sharp market rally driven by cooler October inflation data began to lose some steam after Fed officials poured cold water on the idea that the central bank may be near pausing rate hikes.

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