Dow tumbles 800 points as inflation and tariff fears mount
CNN
US stock markets fell sharply Friday after an economic report showed American consumers are growing increasingly fearful of price increases and how President Donald Trump’s tariffs could reignite the inflation crisis.
US stock markets fell sharply Friday after an economic report showed American consumers are growing increasingly fearful of price increases and how President Donald Trump’s tariffs could reignite the inflation crisis. The Dow Jones Industrial Average fell 800 points, or 1.7%. The broader S&P 500 sank 1.6% and the Nasdaq fell 2.1%. The University of Michigan’s latest survey, released Friday, showed that US consumer sentiment declined in February for the second consecutive month, according to a final reading, down by a steep 10% from January. That was double the decline initially reported earlier this month. The survey found that Americans are losing confidence in the economy, driven primarily by worries over Trump’s tariffs potentially jacking up prices. A new CNN poll released Thursday similarly showed pessimism on the rise because of prices: Nearly two thirds of US adults nationwide, 62%, said they feel Trump isn’t doing enough to address inflation. The Michigan survey showed that Americans are now fearful of higher inflation on the horizon. Investors grew fearful that weak consumer sentiment could lead to a pullback in Americans’ shopping habits. Consumer spending makes up more than two-thirds of the US economy.
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