Stocks sold off on Friday as new U.S. data sparked concern among investors over a slowing economy and sticky inflation, leading them in search of safer assets.
The Dow Jones Industrials let go of 748.63 points, or 1.7%, Friday to end the week at 43,428.02, The decline brings the index’s two-day losses to more than 1,200 points. Friday’s loss was its biggest of the young year.
The S&P 500 index shed 104.39 points, or 1.7%, to 6,013.13, falling for a second day after closing at a record on Wednesday.
The NASDAQ fell 438.36 points, or 2.2%, to 19,524.01.
Walmart shares were down for a second day after the company issued a weaker-than-expected forecast that also soured the outlook for the consumer and the economy.
Investor favorites like Nvidia and Palantir saw steep losses on Friday as they shifted toward traditionally safer assets. Procter & Gamble climbed more than 1%, while General Mills and Kraft Heinz advanced more than 2% each.
For the week, the S&P 500 is about 1.6% lower, while the Dow dumped 2.5% and the NASDAQ has lost 2.4%.
The University of Michigan consumer sentiment index fell to 64.7 in January, a decline of 10% and a steeper drop than expected as consumers feared higher inflation ahead. The five-year inflation outlook in the survey was 3.5%, the highest since 1995.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Thursday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices backed off $2.26 to $70.22 U.S. a barrel.
Prices for gold fell $7.70 an ounce to $2,948.40 U.S.
