The US stock market tumbled on Friday, extending a sell-off as gloomy economic reports pile up and concerns grow over President Donald Trump's tariff proposals and signs that consumer demand is softening.
All three major US stock indexes posted losses: the S&P 500 lost 104.01 points, or 1.70 per cent, to end at 6,013.46 points, while the Nasdaq Composite lost 434.97 points, or 2.20 per cent, to 19,524.01. The Dow Jones Industrial Average fell 751.33 points, or 1.69 per cent, to 43,428.02.
“I don't like all this red on a Friday,” said Greg Bassuk, CEO at AXS Investments in New York. “We're seeing consumer sentiment, tariffs and corporate earnings having leapfrogged AI and technology as the primary drivers of market direction.”
Economic data showed US business activity decelerating and consumer sentiment deteriorating, with survey participants expressing an increasingly gloomy outlook in the face of economic unknowns.
The data comes on the heels of Walmart's disappointing guidance on Thursday, which sparked fears of dampening consumer demand.
Reuters reported that US businesses' optimism has “evaporated,” according to PMI commentary provided by S&P Global's chief economist Chris Williamson, amid “a darkening picture of heightened uncertainty.”
“Uncertainty is the new investor narrative,” Mr Bassuk added. “It's sparking the volatility that we've seen this week.”
“We're anticipating that the uncertainty and the volatility is going to remain at least through the end of this first quarter.”
This week, Mr Trump said he will soon announce new tariffs covering lumber and forest products, in addition to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Company%C2%A0profile
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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
