| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41583.9 | -715.8 | -1.69% |
| S&P 500 | 5580.94 | -112.37 | -1.97% |
| Nasdaq | 17322.99 | -481.04 | -2.70% |
| VIX | 21.65 | 2.96 | 15.84% |
| Gold | 3122.7 | 8.4 | 0.27% |
| Oil | 69.37 | 0.01 | 0.01% |
Stocks in the US closed sharply lower on Friday, weighed down by rising inflation concerns and growing trade policy uncertainty. The S&P 500 slid 2%, the Dow Jones sank 715 points, and the Nasdaq 100 tumbled 2.7%. Tech giants led the decline, with Alphabet, Amazon and Meta dropping over 4% each, and Microsoft fell 3%.
Inflation worries intensified after the University of Michigan’s final consumer sentiment reading for March showed the highest long-term inflation expectations since 1993.
Meanwhile, the core PCE price index, the Fed’s preferred inflation measure, rose 2.8% in February, surpassing forecasts, while consumer spending grew 0.4%. Investors braced for further trade disruptions as Trump’s 25% auto tariff takes effect next week, sparking concerns of retaliatory measures from key trading partners. The S&P 500 and Nasdaq lost over 1% and 2% respectively, booking their fifth weekly drop in six weeks, while the Dow declined 0.8%.
The S&P/ASX 200 Index rose 0.16% to close at 7,982 on Friday, recovering from earlier losses, though market caution limited gains ahead of new US tariffs set to take effect next week. Escalating trade tensions have raised fears of retaliation from major trading partners, clouding the global economic outlook.
Investors also turned their attention to the Reserve Bank of Australia’s policy decision on Tuesday, with expectations that the central bank will hold interest rates steady at 4.1%. Meanwhile, Prime Minister Anthony Albanese announced a national election for May 3, launching a five-week campaign focused on tax cuts and cost-of-living relief. Among notable gainers, Telstra Group (+2.2%), Northern Star Resources (+3.9%), Wesfarmers (+1.1%), Evolution Mining (+3.3%), and Coles Group (+1.5%) all posted solid performances.
According to the ASX futures market, the Australian sharemarket will slide more than 1% when it opens on Monday as investors brace for the Trump administration to outline an aggressive tariff plan that will cloud an already uncertain economic outlook. Across the market, brokers and strategists were warning of massive uncertainty that could create a volatile week. Already, the ASX and Wall Street have bounced around as the White House’s ambitions to shake up global trade grow, slowing GDP growth and pushing up inflation.