The Nasdaq is down 3.5 percent, and the S&P 500 has had its worst week since January.

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The Nasdaq is down 3.5 percent, and the S&P 500 has had its worst week since January.

The S&P 500, Dow and Nasdaq dropped sharply following the print. The S&P 500 sank by 2.9% during the session, and by more than 5% since last Friday to post its worst weekly performance since January. The index ended just a hair above 3,900, or its lowest level in about three weeks. The Dow sank by 880 points, or 2.7%, and the Nasdaq Composite dropped 3.5% by the end of Friday’s session.

Story Highlights

  • Consumer prices rose 8.6 percent year over year in May, the highest level since 1981, according to May inflation figures. Consumer confidence fell to a new low on Friday morning, as inflation continues to wreak havoc on American consumers.