NEW YORK (AP) — Another wipeout is slamming Wall Street Friday as worries build about a potentially toxic mix of worsening inflation and a U.S. economy slowing because of households afraid to spend given uncertainty about the global trade war.
The S&P 500 was down 2% in afternoon trading and on track for one of its worst days of the last two years. It’s also heading for its fifth losing week in the last six after wiping out what had earlier been a big winning week.
The Dow Jones Industrial Average was down 741 points, or 1.8%, as of 1:25 p.m. Eastern time, and the Nasdaq composite was 2.7% lower.
Lululemon Athletica dropped 15% to help lead the market lower, even though the seller of athletic apparel reported a stronger profit for the latest quarter than analysts expected. It warned that its revenue growth may slow this upcoming year, in part because “consumers are spending less due to increased concerns about inflation and the economy,” said CEO Calvin McDonald.
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