Stocks are sliding across the board as we end a volatile week. The $DIA was lower for a 4th straight day on Thursday. Both $DIA and $SPY are on pace for a 2nd straight losing week, while $QQQ appears headed for a 3rd straight weekly gain if it can manage today’s red.

For economic data, import prices rose 0.4% in April, the first gain since Dec, & were down 4.8% YoY. Excluding fuel, prices were flat last month & down 1.9% YoY. Export prices were up 0.2% last month & down 5.9% YoY.

Elsewhere, the University of Michigan Consumer Sentiment Index fell to a reading of 57.7 in the preliminary May report, well below expectations of 63. Both current conditions & expectations were lower, at 64.5 & 53.4, respectively. 1-year inflation expectations were 4.5%, down from 4.6% last month. Renewed concerns on the trajectory of the economy took out nearly half of the gains the index saw after hitting an all time low last June.

Treasury yields are steeper, with the 2-year T yield up 0.8 basis points to 3.91%, the 5-year T yield up 0.3 basis points to 3.36%, and the 10-year T yield down 0.5 basis points to 3.39%. Advance rates are mostly higher today.