From Nasdaq: 2025-03-28 18:28:00

Stock indexes closed down on Friday, with the S&P 500, Dow Jones, and Nasdaq falling to weekly lows. Economic concerns from tariffs led to lower stocks and bond yields, pushing gold to a new high. US Feb personal spending was weaker than expected, while Feb core PCE rose higher than expected.

University of Michigan reported a drop in consumer sentiment to a 2-1/3 year low, with rising inflation expectations. Bank of America noted a significant outflow of $20.3 billion from US stocks. Fed comments were bearish on tariffs, causing market instability, while some members remained dovish on rate cuts.

Economic news showed mixed results with personal spending slightly weaker and core PCE inflation slightly stronger than expected. European bond yields fell, with German bunds at a 3-week high. Markets are pricing in a 21% chance of a rate cut after the May FOMC meeting.

Eurozone economic confidence fell unexpectedly, while German unemployment rose higher than expected. ECB’s inflation expectations remained steady. Swaps predict an 85% chance of an ECB rate cut in April. US stock movers included tech, chip makers, and travel stocks experiencing significant declines. Defensive utility stocks saw gains amidst the market slump. Oracle and Leidos Holdings fell due to a US Department of Defense decision.



Read more at Nasdaq: Stocks Close Sharply Lower as Tariffs Spur Economic Worries