After an initial move to the upside, stocks have given back ground over the course of the trading session on Friday. The major averages have pulled back off their highs of the session, with the tech-heavy Nasdaq leading the way lower.
Currently, the major averages are turning in a mixed performance. While the Dow is up 64.52 points or 0.2 percent at 33,695.66, the S&P 500 is down 11.08 points or 0.3 percent at 4,338.53 and the Nasdaq is down 112.52 points or 0.8 percent at 13,461.70.
The pullback on Wall Street came following the release of a report from the University of Michigan showing a slump in consumer sentiment and a surge in inflation expectations.
