by Noel Randewich and Pranav Kashyap
Reuters.com
March 28 (Reuters) – Wall Street stocks ended sharply lower on Friday, with selloffs in Amazon, Microsoft and other technology heavyweights, after U.S. data stoked fears of weak economic growth and high inflation as the Trump administration ratchets up tariffs.
U.S. consumer spending rebounded less than expected in February while a measure of underlying prices increased the most in 13 months.
Adding to concerns, a University of Michigan survey showed consumers’ 12-month inflation expectations soared to the highest in nearly 2-1/2 years in March, and they expect inflation to remain elevated beyond the next year.
That data fueled fears that a rush of tariff announcements from U.S. President Donald Trump since taking office in January will boost prices of imported goods, drive inflation and deter the Federal Reserve from cutting interest rates.