Stock market suffers another wipeout over inflation and tariff fears

Stocks are taking a battering on Friday amid growing concerns on Wall Street about the impact of President Trump's tariff regime as well as hotter-than-expected price data, sparking worries that the Federal Reserve is far from declaring victory on inflation.

The Dow Jones Industrial Average tumbled 758 points, or 1.8%, to 41,541.09 in Friday afternoon trading, while the broad-based S&P 500 shed 2%. The tech-heavy Nasdaq composite index skidded 2.8%. 

Friday's stock market rout comes after Wall Street has already suffered a pummeling this year, with the S&P 500 down 9% from its most recent February high.