This is set for a crash. pic.twitter.com/0ppbzVrBaY
— Guilherme Tavares (@i3_invest) March 28, 2025
Your weekly close pic.twitter.com/6mElvXKqez
— Don Johnson (@DonMiami3) March 28, 2025
Getting back near the 6 month low which was the bottom of this recent correction.
If we break through here things could get ugly. 💀 pic.twitter.com/J0MnbKoRkY
— QE Infinity (@StealthQE4) March 28, 2025
Bulls, you will be happy to know that I agree with Trump.
You need to detox – no fiscal stimulus, no monetary stimulus, and no Tech stimulus. All at the same time. pic.twitter.com/UzluBMJ75r
— Mac10 (@SuburbanDrone) March 28, 2025
Edward is one of the longest, most practical, and best economists out there
Alot of you guys spend money on alot of crap products, but you'd do yourself a service signing up for his high level products.
He's the real deal, and if you're looking to learn the about the deep end,… https://t.co/EFzlFHjOfj
— ant (@Jedi_ant) March 28, 2025
Wall Street tumbles, and S&P 500 drops 2% on worries about economy, inflation
Another wipeout is swamping Wall Street Friday on worries 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 was down 2% in afternoon trading and on track for one of its worst days of the last two years. It’s also heading for its fifth losing week in the last six after wiping out the last of its big gain from the start of the week.
The Dow Jones Industrial Average was down 719 points, or 1.7%, as of 2:25 p.m. Eastern time, and the Nasdaq composite was 2.6% lower.
Lululemon Athletica dropped 15.4% to lead the market lower, even though the seller of athletic apparel reported a stronger profit for the latest quarter than analysts expected. It warned that its revenue growth may slow this upcoming year, in part because “consumers are spending less due to increased concerns about inflation and the economy,” said CEO Calvin McDonald.
Oxford Industries, the company behind the Tommy Bahama and Lilly Pulitzer brands, likewise reported stronger results for the latest quarter than expected but still saw its stock fall 5.6%. CEO Tom Chubb said it saw a “deterioration in consumer sentiment that also weighed on demand” beginning in January, which accelerated into February.
They’re discouraging data points when one of the main worries hitting Wall Street is that President Donald Trump’s escalating tariffs may cause U.S. households and businesses to freeze their spending. Even if the tariffs end up being less painful than feared, all the uncertainty may filter into changed behaviors that hurt the economy.
A report on Friday morning showed all types of U.S. consumers are getting more pessimistic about their future finances. Two out of three expect unemployment to worsen in the year ahead, according to a survey by the University of Michigan. That’s the highest reading since 2009, and it raises worries about a job market that’s been the linchpin keeping the U.S. economy solid.
Another report released in the morning raised concerns after it showed a widely followed, underlying measure of inflation was a touch worse last month than economists expected. The data followed reports on other measures of inflation for the month, but this is the one the Federal Reserve tracks pays the most attention to as it decides what to do with interest rates.
The report also showed that an underlying measure of how much income Americans are making, which excludes government social benefits and some other items, “has been treading water for the last three months,” said Brian Jacobsen, chief economist at Annex Wealth Management.
“Households aren’t in a good place to absorb a little tariff pain,” Jacobsen said. “The Fed isn’t likely to run to the rescue either as inflation moved up more than expected in February.”