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Stocks inched lower Friday as traders weighed the latest developments on the tariff front as they wrap up a wild week.
The Dow Jones Industrials reversed some of Wednesday’s incredible gains, losing 1,014.79 points, or 2.5%, to wind up Thursday at 39,593.66
The S&P 500 sank 188.85 points, or 3.5%, to 5,268.05
The NASDAQ lost 737.66 points, or 4.3% to 16,387.31
The major averages took a leg lower after the latest consumer sentiment numbers for April came in worse than expected. The expected inflation level also surged to its highest level since 1981, according to the University of Michigan survey on consumers.
This week has been one of the most volatile periods on record for Wall Street. The major averages tumbled Thursday as traders went into risk-off mode, with trade policy uncertainty weighing on sentiment, losing a chunk of the historic gains seen on Wednesday after Trump announced a 90-day reprieve on some of his high “reciprocal” tariffs.
The S&P 500 fell 3.5% on Thursday, while the 30-stock Dow tumbled 1,014.79 points, or 2.5%. The tech-heavy NASDAQ ended the day lower by 4.31%. On Wednesday, the S&P 500 rallied 9.52% for its third-largest gain in a single day since World War II, while the 30-stock Dow skyrocketed more than 2,900 points.
Despite the tumultuous week, the three major averages are on pace for solid gains in the period. The S&P 500 is on pace for a 3.3% advance, its best weekly performance since November. The NASDAQ is on track to gain nearly 5%. The Dow is on pace for a 2.7% jump week-to-date.
Prices for the 10-year Treasury tumbled mid-morning, pushing yields back up to 4.55% from Thursday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices eked up four cents to $60.11 U.S. a barrel.
Prices for gold jumped $69.00 to $3,246.50 U.S.