U.S. Stocks Open Lower, Set For 1st Weekly Loss In 2 Months

U.S. stocks opened lower on Friday and were on track to record their first weekly loss in two months as precipitous declines in oil prices continued to stoke fears that the global economy is succumbing to deflation. The latest data showed that wholesale prices in the U.S. have ticked down largely due to a drop in oil. Analysts warn that deflation could send economies into recessions or depressions. A report on consumer sentiment is due at 9:55 a.m. Eastern and will be watched by investors, after surprisingly strong retail-sales data came in on Thursday. All key benchmarks looked set to record hefty weekly losses. The S&P 500 opened 13 points, or 0.6%, lower at 2,023. The Dow Jones Industrial Average dropped 105 points, or 0.6%, to 17,495. The Nasdaq Composite began the day with a loss of 43 points, or 0.9%, at 4,665.