Wall Street stocks dropped on Friday as signs of strain among American consumers added to worries the US is heading for a bout of stagflation.
A batch of data added fresh evidence that consumers are growing deeply concerned about how President Donald Trump’s sweeping tariffs will affect the world’s largest economy, while a separate report showed the Federal Reserve’s preferred inflation measure rose in February.
The gloomy data comes at a time when investors are worried that Trump’s trade levies combined with a broader sense of uncertainty will hurt US economic growth while also increasing price pressures. The new reports sent investors rushing away from US equities and into havens.
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