US markets end sharply lower on Friday

29 Mar 2025 Evaluate

The US markets closed sharply lower on Friday for third straight session. The recent pullback saw major averages slumping lower with tech heavy Nasdaq plunging to six months low, as the traders took a cautious stance amid concerns about the outlook for the economy following the latest data, including the Federal Reserve's preferred readings on inflation. While a Commerce Department report showed consumer prices increased in line with street estimates, core consumer prices rose by slightly more than expected. The Commerce Department has said that its personal consumption expenditures (PCE) price index rose by 0.3 percent in February, matching the increases seen in the two previous months as well as street estimates. Besides, the annual rate of growth by the PCE price index was 2.5 percent in February, unchanged from January and in line with expectations.

Further, University of Michigan has released revised data showing consumer sentiment deteriorated by more than previously estimated in March and showed year-ahead and long-run inflation expectations surged by more than previously estimated during the month, which has weighed down the investor sentiments. The gains are expected to remained capped amid the global headwinds surrounding the trade tariff policies and geopolitical tension could pose further downside risk to the global economy.

On sectoral front, computer hardware stocks showed a substantial move to the downside on the day, with the NYSE Arca Computer Hardware Index plunging by 3.1 percent to its lowest closing level in over four months. Significant weakness was also visible among airline stocks, resulting in a 3.0 percent nosedive by the NYSE Arca Airline Index. The index plummeted to a six-month closing low. Semiconductor stocks also saw considerable weakness, as reflected by the 3.0 percent plunge by the Philadelphia Semiconductor Index, which hit its lowest closing level in over a year.

Dow Jones Industrial Average slumped 715.80 points or 1.69 percent to 41,583.90, Nasdaq plunged 481.04 points or 2.70 percent to 17,322.99 and S&P 500 was tumbled by 112.37 points or 1.97 percent to 5,580.94.

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