Dow, S&P 500, Nasdaq slide as inflation, tariff fears push stocks to another

US stocks fell, with the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) registering their second consecutive week of losses amid rising concerns over tariffs and inflation.

The S&P 500 fell roughly 1%, while the tech-heavy Nasdaq slid around 1.4%. The Dow Jones Industrial Average (^DJI) also fell more than 400 points, almost 1%.

Nearly all 11 sectors of the S&P 500 ended the session lower, with Consumer Discretionary, Materials, and Tech leading the declines.

On Friday President Donald Trump said he would soon announce a plan on reciprocal tariffs on American imports. The comments were made during a meeting at the White House with Japan’s Prime Minister Shigeru Ishiba.

The major averages flipped into red territory this morning after US consumer sentiment sank to a seven-month low in early February. Inflation expectations jumped amid concerns about Trump’s tariff threats.

Meanwhile, the monthly jobs report came in below economist estimates, but unemployment fell to 4% as hourly wages jumped in a sign of labor market resilience.

It’s been a rough week for Tesla stock (TSLA).

Shares of the EV giant were on track for a weekly loss of nearly 9% after a third-party report pointed to a slump in China deliveries.

Tesla’s sales in China fell 11.5% on a year-over-year basis in the month of January, while Chinese competitor BYD sales surged an annualized 47%, according to data from the China Passenger Car Association released on Friday.

With 20 minutes left of the trading session on Friday, Tesla was on track to end the week down more than 10%.

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Oil prices posted a third consecutive week of declines as concerns over a trade war between the United States and China weighed on markets.

West Texas Intermediate crude (CL=F) and Brent futures (BZ=F) ended the week down more than 2% after the US tariffs on select Chinese imports went into effect on Tuesday and China retaliated.

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Meta (META) announced job cuts that will take place on Monday in a company-wide internal post, impacting about 5% of employees, or 3,600 people, according to the Information.

The report said employees let go would be cut off from the company’s internal system within an hour and notified about their severance package through email.

Last month Bloomberg reported an internal memo revealed the company intended to cut employees, targeting the lowest performers.

Meta has been hovering at all-time highs in recent sessions. The stock is up more than 22% year to date, making it the best performer among the ‘Magnificent Seven’ group.

Uber (UBER)

Uber jumped more than 8% to a session high on Friday after billionaire hedge fund manager and Pershing Square Capital Management CEO…