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.
SPEC%20SHEET
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
BACK%20TO%20ALEXANDRIA
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
