Stock market today: Wall Street drops following discouraging updates on US shoppers and inflation
By STAN CHOE, Associated Press Business Writer NEW YORK (AP) — U.S. stocks are falling Friday following discouraging updates on inflation and how much U.S. households may be willing to spend given all the uncertainty about President Donald Trump’s escalating trade war. The S&P 500 was down 1.5% in midday trading and on track to wipe out the last of what had been a winning week. That would make this the fifth losing week in the last six for the index, which set its all-time high just last month. The Dow Jones Industrial Average was down 520 points, or 1.2%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 2.1% lower. Lululemon Athletica tumbled 15% to help lead the market lower, even though the seller of athletic apparel reported a stronger profit for the latest quarter than analysts expected. It warned that its revenue growth may slow this upcoming year, in part because “consumers are spending less due to increased concerns about inflation and the economy,” said CEO Calvin McDonald. Lululemon also said tariffs and shifting foreign-currency values may account for about half of its expected drop in a key measure of performance: how much profit it can squeeze