The Dow fell more than 700 points on Friday, as rising inflation and tariff uncertainty weighed on investor sentiment.
A report on Friday from the US Labour Department showed that the Federal Reserve's preferred inflation measure – the core personal consumption expenditures (PCE) price index – rose more than expected in February. Core PCE prices, which strip out food and energy, rose 2.8 per cent annually compared to the 2.7 per cent forecast.
Headline PCE inflation rose 2.5 per cent year-on-year, in line with forecasts but unchanged from January.
The Dow Jones Industrial Average closed 715.08 points - or 1.68 per cent - lower to 41,583.90. The S&P 500 and Nasdaq Composite dropped 1.97 and 2.70 per cent, respectively, at the closing bell. The small-cap Russell 2K fell 2.20 per cent. Meanwhile the price of gold was up 0.82 per cent to $3,086.00 per ounce.
Friday's data showed that inflation in the US heated up before most of President Donald Trump's tariffs had gone into effect. It also comes before the April 2 date he has set for a series of levies against America's trading partners.
Canada and the European Union have said they are preparing retaliatory tariffs against the US.
Most economists say that the Trump tariffs could lead to an inflation resurgence, while others warn that his hardline stance on deporting migrants could upend the labour market.
Officials at the Federal Reserve, who last week voted to keep interest rates unchanged for a second meeting in a row, are debating whether Mr Trump's tariffs pose a one-time inflationary bump or not.
“We face the same fog as businesses and consumers,” Richmond Fed president Tom Barkin said on Thursday. “How does one drive in fog? Carefully and slowly, and if there’s a safe place to pull over, you do so to avoid getting in trouble. That’s where we are.”
A separate report on Friday showed that US consumer inflation expectations rose to a 32-year high over tariff anxiety. Consumers surveyed by the University of Michigan expect prices to rise by a yearly rate of 4.1 per cent over the next five to 10 years.
The latest survey by the university also showed consumer sentiment declined from 64.7 to 57, its lowest level in more than two years.
Fed Chairman Jerome Powell last week dismissed the Michigan survey as an outlier on long-run inflation expectations.
More coverage from the Future Forum
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
WRESTLING HIGHLIGHTS
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
more from Janine di Giovanni
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
12%20restaurants%20opening%20at%20the%20hotel%20this%20month
%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
