On Friday, March 28th, U.S. markets closed sharply lower as fears of slowing economic growth, rising inflation, and escalating tariffs under the Trump administration weighed on markets. Major tech stocks like Amazon, Microsoft, and Apple tumbled.

Consumer spending disappointed, inflation expectations surged, and investors grew cautious ahead of new tariffs. Markets anticipate possible interest rate cuts by the Federal Reserve.

In economic data, the Fed’s preferred inflation gauge — the core PCE price index — rose 2.8% year-over-year in February, above the 2.7% forecast. Investor concerns grew as the University of Michigan survey showed 5-year inflation expectations rising to 4.1%, the highest since February 1993.

Most S&P 500 sectors ended lower, led by losses in consumer discretionary, communication services, and tech stocks. Utilities were the exception, closing higher and defying the broader market downturn.

The Dow Jones Industrial Average was down 1.69% at 41,583.90, the S&P 500 slid 1.97% to 5,580.94, and the Nasdaq Composite fell 2.70% to 17,322.99.

Asia Markets Today

Eurozone at 05:45 AM ET

• The European STOXX 50 was down 1.37%.
• Germany’s DAX declined 1.27%.
• France’s CAC slid 1.37%.
• U.K.’s FTSE 100 index traded lower by 0.98%.
• European stocks fell sharply as investors braced for U.S. tariffs, which are set to take effect Wednesday. Fears of broader trade measures raised recession risks and pressured global markets and oil prices.

Commodities at 05:45 AM ET

U.S. Futures at 05:45 AM ET

Dow futures were down 0.59%, S&P 500 futures declined 0.87% and Nasdaq 100 futures fell 1.25%.

Forex at 05:45 AM ET

• The U.S. Dollar Index fell 0.22% to 104.03, USD/JPY was down 0.44% to 149.17, and USD/AUD gained 0.57% to 1.5990.
• The U.S. dollar held steady Monday but is set for a quarterly loss of over 4% amid fears that Trump’s tariff plans will stoke inflation and hurt growth.

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