NEW YORK (TheStreet) -- Stocks extended losses by mid-morning Friday as Greece's debt woes continued and Wall Street backtracked on a recent rally.
The S&P 500 was down 0.73%, the Dow Jones Industrial Average slipped 0.81%, or 145 points, and the Nasdaq declined 0.69%.
Wingstop (WING) shares surged in their market debut, opening up 65.8% to $31.50. The wings restaurant's float of 5.8 million shares was priced at $19 a share, far higher than expectations of $12 to $14.
Consumer sentiment rose to 94.6 in June, according to a preliminary reading from the University of Michigan. The measure had bottomed out at a six-month low of 90.7 in May. Economists had expected the gauge to rebound at a slower pace to 91.2.
Core producer prices, stripping out volatile items such as gas, dropped 0.1% in May after dipping 0.2% in April. Forecasts were for a slight increase of 0.1%. The headline number which includes food and energy prices rose 0.5% in May, led by an increase in gas prices and eggs.
"This report essentially confirms that the dis-inflationary impulse in headline prices, which has been brought about by the collapse in energy prices, is beginning to abate as crude prices shift higher," said TD Securities' Millan Mulraine. "Nevertheless, with the core PPI indicator continuing to be subdued it suggests that underlying inflationary pressures remain weak."
Germany is planning for the possibility of a Greek exit from the euro, according to a German tabloid, after technical talks between the debt-ravaged nation and the International Monetary Fund broke down on Thursday. Germany is reportedly taking precautionary preparations such as capital controls in case of a default.