U.S. stock market index futures slipped on Friday as inflation concerns continue to rattle investors. Dow Jones Industrial Average futures fell by 178 points, or 0.5%. S&P 500 and Nasdaq-100 futures dipped by 0.7% and 1%, respectively. The major averages all shed more than 1% on Thursday, after the Labor Department said the producer price index — an inflation metric that tracks wholesale prices — rose 0.7% las month. That was more than economists expected. Stocks were also under pressure following comments from St. Louis Federal Reserve President James Bullard. He said he backed a 50 basis point interest rate hike at the central bank’s previous meeting and that he would not rule out a rate increase of that magnitude at the March meeting. Fed commentary aside, consumers have been a key focal point for investors this week, particularly in light of the latest round of inflation and retail sales data. “I think the equity market is listening to data about the consumer that’s concurrent — that there’s retail spending that bounced back, that consumer confidence bounced back, and that services PMI bounced out of contraction. There are things to be happy about — the labor market is still tight,” SoFi’s head of investment strategy Liz Young said on CNBC’s “Closing Bell: Overtime.” “But what I think the equity market is not pricing in at this point, or is not worried enough about, is that the consumer spending at some point. Savings run dry, and wage growth is falling, and it can’t support that level of spending going forward. Debt is piling up,” added Young. The major indexes are mixed ahead of Friday’s session. The Dow is down 0.51% for the week. The 30-stock index is on pace for its third negative week in a row — a first since September. The Nasdaq is up 1.18% for the week, on track for its sixth week of gains in seven. Meanwhile, the S&P 500 is flat. Investors will watch Fed officials for more hints on the central bank’s rate-hiking campaign. Richmond Fed President Tom Barkin will be speaking about the labor market on Friday. Fed Governor Michelle Bowman is also taking part in a discussion at the Tennessee Bankers Association’s credit conference. Asia Pacific markets traded lower on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve. In Australia, the S&P/ASX 200 closed 0.86% lower at 7,346.8 as Reserve Bank of Australia governor Philip Lowe reiterated warnings of inflation risks and hinted at further hikes ahead. In South Korea, the Kospi closed 0.98% lower at 2,451.21 and the Kosdaq fell 1.16% to 775.62, while in Japan, the Nikkei 225 ended the day 0.66% lower 27,513.13 and the Topix shed 0.46% to 1,991.93. Chinese markets also were traded lower on Friday. In mainland China, the Shenzhen Component fell 1.6% to close at 11,715.77, and the Shanghai  Composite also was down 0.77% to finish at 3,224.02. The Hang Seng index and Hang Seng Tech index traded 1.25% and 2.42% lower respectively after the release of its 2022 census and unemployment data on Thursday. Oil fell about 2% on Friday and was heading for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies. Brent crude futures were down $1.92, or 2.2%, to $83.55 a barrel, while West Texas Intermediate (WTI) U.S. crude fell $1.89, or 2.4%, to $76.61. Both benchmarks were heading for a weekly decline of more than 3%. Oil fell about 2% on Friday and was heading for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies. Brent crude futures were down $1.92, or 2.2%, to $83.55 a barrel, while West Texas Intermediate (WTI) U.S. crude fell $1.89, or 2.4%, to $76.61. Both benchmarks were heading for a weekly decline of more than 3%. Gold prices fell on Friday as bullion hurtled towards a third straight weekly drop, hurt by the dollar’s advance following fresh hawkish rhetoric from the U.S. Federal Reserve officials. Spot gold was down 0.8% at $1,823.49 per ounce, after earlier falling to its lowest since late-December. Bullion has fallen about 2.2% so far this week. U.S. gold futures slipped 1% to $1,832.50.