US benchmark equity indexes were on track to close lower Friday as traders assessed the latest economic data, including a survey showing a slump in consumer sentiment and a jump in inflation expectations.

The Nasdaq Composite was down 2.1% at 19,543.5, while the S&P 500 and the Dow Jones Industrial Average slid 1.6% each to 6,019.7 and 43,464.5, respectively. Among sectors, consumer discretionary and technology saw the steepest declines, while consumer staples led the gainers.

US consumer sentiment tumbled 9.8% sequentially to 64.7 in February, while year-ahead inflation expectations soared, according to a survey by the University of Michigan.

The survey indicated "fears that tariff-induced price increases are imminent," Surveys of Consumers Director Joanne Hsu said.

Output growth in the US private sector unexpectedly slowed in February as the services sector contracted, while optimism waned amid worries over the impact of tariffs and domestic spending cuts, according to S&P Global's (SPGI) flash purchasing managers' index.

Existing home sales in the US dropped more than projected in January amid elevated mortgage rates and house prices, according to National Association of Realtors data.

The 10-year US Treasury yield was down 8.1 basis points at 4.42%, while the two-year rate lost 7.4 basis points to 4.19%.

West Texas Intermediate crude oil was down 3% at $70.29 a barrel.