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U.S. stocks fell on Friday as investors grappled with ongoing tariff uncertainty and digested key inflation data.
The Dow Jones Industrials cratered 438.45 points, or 1%, to 41,861.25
The S&P 500 Index ducked 73.38 points to 5,618.27
The NASDAQ let go of 327.39 points, or 1.8%, to 17,476.64.
Wall Street was headed for a mixed weekly result. The NASDAQ was down 0.4% week to date, while the S&P 500 and Dow are headed for slight weekly advances.
Investors continue to monitor President Donald Trump’s tariff announcements, which have roiled the market. 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.
Car companies have been hit particularly hard by the threat of tariffs. Ford shares took it on the chin 22 cents, or 2.2%, to $9.68, while General Motors lost $1.04, or 2.2%, to $46.16.
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 4.27% from Thursday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices slumped 52 cents to $69.40 U.S. a barrel.
Prices for gold gained $23.60 to $3,114.50 U.S.