Wall Street shrinks in response to price pressures, stoking fears of Trump tariffs

Major indices fell by about 2% as data shows rising prices and the Fed holds off on cutting interest rates

Wall Street's primary indexes fell sharply on Friday, as data underscored underlying price pressures, stoking fears that the Trump administration's tariff maneuvers could further exacerbate inflationary trends.

All the US's major indices had fallen by Friday afternoon with the S&P 500 closing down 2%, the Dow Jones declining 1.7% and the tech-heavy Nasdaq slumping 2.7%.