Wall Street faced steep declines, with the S&P 500 down 2% amid rising inflation concerns and a slowing economy as US households reduced spending due to uncertainties about the global trade war. Major indexes were on track for one of their worst days in two years, led by poor performances from companies like Lululemon, which despite reporting higher profits, warned about potential revenue slowdowns due to consumers' economic fears. This trend suggests increased wariness among consumers could further impact growth and stock performance, reflecting deepening market anxieties.
"Even if the tariffs end up being less painful than feared, all the uncertainty may filter into changed behaviors that hurt the economy."
"Consumers are spending less due to increased concerns about inflation and the economy," said CEO Calvin McDonald.
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