US equity markets declined Friday after fresh data showed inflation rose more than expected in February and consumer confidence continued to erode amid broader economic uncertainty and new tariffs imposed by President Donald Trump on automobile imports begin next week.

The Nasdaq Composite fell 2.7% to 17,322.99, while the S&P 500 slid 2% to 5,580.94 and the Dow Jones Industrial Average declined 1.7% to 41,583.59. All sectors except utilities closed lower. Communication services, consumer discretionary and technology sectors were the worst performers.

The core personal consumption expenditures price index, which excludes food and energy costs, rose 2.8% last month, topping consensus compiled by Bloomberg of a 2.7% year-over-year increase in the Federal Reserve's preferred inflation gauge. The headline PCE price index climbed 2.5% compared with year-ago levels, the Bureau of Economic Analysis said, matching expectations

Consumer confidence slid to 57.0 final reading in March, trailing a 57.9 flash reading reported earlier this month and down from February's 64.7 print, the University of Michigan said on Friday. Inflation expectations continued to weigh on sentiment, with consumers expecting prices to rise by 5% over the next 12 months, reaching its highest level since 2022, the survey found.

US Treasury yields slumped Friday, with the 10-year yield down 11 basis points to 4.26% and the two-year rate 8.6 basis points lower at 3.91%.

In company news, CoreWeave (CRWV) finished little changed, see-sawing between modest first-day gains and losses after pricing its initial public offering of nearly 37.5 million shares at $40 apiece, well under its originally expected range of $47 to $55 per share. The company and several of its early-stage investors also scaled down the number of shares in the IPO.

Lululemon athletica (LULU) tumbled over 14%, a day after the yoga wear retailer forecast net income and sales for its current Q1 trailing Wall Street forecasts, but reporting better-than-expected results for Q4 ended Feb. 2. The company also guided its fiscal 2025 earnings below consensus.

West Texas Intermediate crude oil futures settled 0.8% lower at $69.36 a barrel, while gold futures finished at $3,118.42 per ounce after earlier touching a new all-time high intraday of $3,124.40.

Most precious metals miners also advanced on Friday, with Harmony Gold (HMY) climbing 9.5% and Gold Fields (GFI) adding 4.5%. Seabridge Gold (S) ending 4.2% lower, reversing an early gain that followed the British Columbia Supreme Court siding with the company in a tax dispute with the Canada Revenue Agency.