The S&P 500 fell 2%, marking its second-biggest drop of 2025, while the Nasdaq dropped 2.7%, hitting a new low for the year. The Dow Jones Industrial Average also declined by 1.7%. Both the S&P and Nasdaq are now headed for their fifth weekly loss in the past six weeks.
Since the November election of President Donald Trump, the S&P has declined by approximately 5.9%, and the Nasdaq has dropped around 8.7%.
On Friday, the Bureau of Economic Analysis reported that a key inflation metric closely watched by the Federal Reserve rose more than anticipated in February. This suggests that the central bank’s ongoing efforts to keep interest rates elevated may be struggling to control rising prices. Meanwhile, a separate University of Michigan survey revealed that consumers expect inflation to increase, partly due to concerns about the impact of new tariff strategies.
The same survey also showed a sharp rise in expectations for higher unemployment over the coming year, along with a drop in optimism about personal financial improvement.
These economic concerns are colliding with growing doubts on Wall Street about the return on massive AI investments made over the past couple of years. These investments had previously driven strong gains in the stock market.
Chipmaker Nvidia’s stock dropped nearly 2% on Friday and is now down 27% from its peak in January, wiping out around $1 trillion in market value.
Earlier in the week, a report claimed that Microsoft had pulled back on plans for new data center developments in the U.S. and Europe, hinting at a slowdown in AI-related spending. While the company didn’t directly refute the claim, a spokesperson said that previous investments have positioned them well to handle growing demand and noted that last year saw the largest capacity expansion in company history.
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