Wall St Tumbles as Fresh Data Fuels Inflation Fear
Wall Street stocks ended sharply lower Friday, with selloffs in Amazon, Microsoft and other technology heavyweights, after U.S. data stoked fears of weak economic growth and high inflation as the Trump administration ratchets up tariffs.
U.S. consumer spending rebounded less than expected in February while a measure of underlying prices increased the most in 13 months.
Adding to concerns, a University of Michigan survey showed consumers' 12-month inflation expectations soared to the highest in nearly 2-1/2 years in March, and that consumers expect inflation to remain elevated beyond the next year.