Producer prices cooled to 2.7% year-over-year in March, well below the 3.3% consensus, while the monthly figure declined by 0.4% — the steepest drop since 2023.

A day earlier, consumer prices also eased more than expected. However, both inflation reports predate the implementation of new trade tariffs. The University of Michigan's latest consumer sentiment index fell sharply to 50.4, its lowest since June 2022 and below expectations.

Meanwhile, inflation expectations surged: short-term projections hit their highest since 1990, and long-term views reached levels last seen in 1981, underscoring growing concerns over persistent price pressures. In the bond market, the 30-year Treasury yield retreated to 4.90% after briefly touching 4.99% during intraday trading.

The dollar pared some losses, though it remained near its lowest level since April 2022, based on a trade-weighted index.

JPMorgan Chase & Co. (NYSE:JPM) topped first-quarter earnings estimates and issued upbeat guidance, lifting its shares nearly 3% and outpacing peers.

Gold prices extended their rally, jumping 1.9% to a record $3,230 per ounce — poised for their strongest weekly gain since March 2020. The surge in bullion and silver — with the latter rising over 3% on Friday — sparked strong gains in mining stocks.

The VanEck Gold Miners ETF (NYSE:GDX) soared 5.5% on Friday and nearly 20% for the week, heading for its highest level since December 2012.

Newmont Corp. (NYSE:NEM), the world's largest gold miner, jumped 9% on the day and 25% on the week, marking its best weekly performance since 1998.

Friday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

S&P 500’s Top 5 Performers On Friday

S&P 500’s Worst 5 Losers On Friday

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