VF Corp VFC.N slid 5.8% after the Vans owner cut its full-year revenue outlook, while storage hardware maker Western Digital WDC.O fell 6% on bleak forecast. By Devik Jain and Bansari Mayur Kamdar Jan 28 (Reuters) - The S&P 500 index was closing in on a correction on Friday for the fifth time this week on worries about a series of interest rate hikes to tame inflation and losses in shares of Caterpillar and Chevron. Meanwhile, data showed core personal consumption expenditure price index, the Federal Reserve's preferred gauge for inflation, rose 0.5% in December, in line with expectations.