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Stocks sold off Friday, pressured by growing uncertainty on U.S. trade policy as well as a more grim outlook on inflation.
The Dow Jones Industrials cratered 715.8 points, or 1.7%, to 41,583.90.
The S&P 500 Index swooned 112.37 points, or 2%, to 5,580.94
The NASDAQ let go of 481.04 points, or 2.7%, to 17,323.99
Shares of several technology giants dropped, putting pressure on the broader market. Google-parent Alphabet and Amazon lost about 5% each, while Microsoft and Meta each shed more than 3.5%.
Those losses put the S&P 500 and NASDAQ on pace for their fifth weekly decline in six weeks.
The S&P 500 was down more than 1% for the week, while the NASDAQ had lost over 2%. The Dow was headed for a 0.8% decline.
Stocks took a leg lower after the University of Michigan’s final read on consumer sentiment for March reflected the highest long-term inflation expectations since 1993.
Trump this week announced a 25% tariff on “all cars that are not made in the United States,” hitting auto stocks and raising concerns of an economic slowdown.
Bloomberg reported on Friday that the European Union is identifying concessions it could make to Trump’s administration to reduce the reciprocal tariffs from the U.S. that are set to increase after April 2, when Trump is expected to announce further tariff plans.
Prices for the 10-year treasury rocketed, hiking yields to 4.26% from Thursday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices stepped back 81 cents to $69.11 U.S. a barrel.
Prices for gold gained $23.00 to $3,113.90 U.S.
US Market Updates
