Wall Street Drops On Tariffs Threat, Dollar Rises, Uber Rockets On Ackman’s Tweet: What’s Driving Markets Friday?
Wall Street slumped into negative territory late in the week as renewed fears over inflation and trade tariffs eroded risk appetite.
The first warning sign came from the University of Michigan’s consumer sentiment survey, which revealed an “unusually large” spike in inflation expectations. The one-year inflation outlook surged by a full percentage point to 4.3%, marking its highest level since November 2023.
Investor uncertainty grew following President Donald Trump‘s announcement that ‘reciprocal tariffs’ would take effect next week. Trump is expected to sign new executive orders at 2:00 p.m. Friday.
On the macro front, February’s jobs report revealed a mixed outcome, with employment growth slowing down more than expected, yet unemployment fell more than expected, and wages surged more than expected.
Market reaction was swift. The S&P 500 fell 0.6%, erasing its weekly gains, while the Nasdaq 100 dropped 0.9% by 1:00 p.m. trading in New York.
The Dow Jones Industrial Average slipped into negative territory for the week, putting its three-week winning streak at risk. Small-cap stocks underperformed, with the Russell 2000 sinking 1.3%.
Stock-wise, Uber Technologies Inc. (NASDAQ:UBER) skyrocketed by 9.5%, extending its 8.6% rally from the previous session, after hedge fund billionaire Bill Ackman revealed a stake of …
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