Another wipeout slammed Wall Street as worries built about a potentially toxic mix of worsening inflation and a U.S. economy slowing because of households afraid to spend due to the global trade war.
The S&P 500 dropped 2% Friday, as four out of every five stocks within the index fell. The Dow Jones Industrial Average lost 1.7%, and the Nasdaq composite tumbled 2.7%.
Lululemon Athletica led the market lower after warning that its revenue growth may slow, in part because shoppers are spending less due to concerns about inflation and the economy.
On Friday:
The S&P 500 fell 112.37 points, or 2%, to 5,580.94.
The Dow Jones Industrial Average fell 715.80 points, or 1.7%, to 41,583.90.
The Nasdaq composite fell 481.04 points, or 2.7%, to 17,322.99.
The Russell 2000 index of smaller companies fell 42.42 points, or 2.1%, to 2,023.27.
For the week:
The S&P 500 is down 86.62 points, or 1.5%.
The Dow is down 401.45 points, or 1%.
The Nasdaq is down 461.06 points, or 2.6%.
The Russell 2000 is down 33.71 points, or 1.6%.
For the year:
The S&P 500 is down 300.69 points, or 5.1%.
The Dow is down 960.32 points, or 2.3%.
The Nasdaq is down 1,987.80 points, or 10.3%.
The Russell 2000 is down 206.88 points, or 9.3%.
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