NEW YORK (CNN/Money) - Stocks slipped Friday morning, with investors taking some profits on higher oil prices and a surprisingly strong read on wholesale prices, a key inflation measure.

The Dow Jones industrial average (up 58.59 to 10,552.82, Charts), the Standard & Poor's 500 (up 6.43 to 1,189.24, Charts) index and the Nasdaq composite (up 2.90 to 2,129.01, Charts) all declined in the first few minutes of the new session, with the Nasdaq the weakest.

Stocks had managed to close higher Thursday at the end of a choppy session, but the tech sector lagged the broader market, and early Friday seemed to be an extension of that.

Reviving some inflationary worries, November wholesale prices rose beyond expectations, the Labor Department said, in a report released before the start of trading.

The producer prices index rose 0.5 percent, beyond analysts' expectations for a rise of 0.1 percent, but it was down from October's jump of 1.7 percent. The "core" CPI, which eliminates volatile food and energy prices, rose 0.2 percent in November, in line with estimates and down after October's rise of 0.3 percent.

U.S. light crude oil for January delivery rose 63 cents to $43.16 a barrel in electronic trading, following news that OPEC ministers, meeting in Cairo, Egypt, have opted to cut 1 million barrels a day of surplus production and to meet again at the end of January to discuss more cuts.

However, OPEC watchers were expecting a production cut announcement Friday, and so the news had only a limited effect on oil prices and stock market sentiment.

After the start of trading, the University of Michigan releases its first read on consumer sentiment in December, which is expected to show a slight increase from last month.

Treasury prices rose, pushing the 10-year note yield down to 4.14 percent from 4.18 percent late Thursday. Bond prices and yields move in opposite directions.

In currency markets, the dollar continued its three-day rally versus the yen and the euro, recovering after its recent string of record lows versus the European currency.

COMEX gold fell $2 to $435.20 an ounce.