Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap
- Trump says he will announce reciprocal tariffs next week
- Mild job revisions, upped inflation views to keep Fed on hold
Wall Street traders worried about the potential impacts of US tariffs on inflation didn’t get much relief from economic data that only underscored concerns over price pressures, reinforcing speculation the Federal Reserve will be in no rush to cut interest rates.
Stocks erased this week’s gains, with the S&P 500 down about 1%. President Donald Trump said he will announce reciprocal levies next week in an escalation of his trade war. United States Steel Corp. sank as he indicated Nippon Steel Corp. is considering investing in the company instead of an outright purchase. Equities came under pressure after data showed a slide in consumer sentiment amid concern over inflation. Mixed jobs figures highlighted a moderating — yet healthy — labor market, and a jump in wages. Bonds fell. Megacaps slid amid a disappointing outlook from Amazon.com Inc.