04:27 PM EST, 02/21/2025 (MT Newswires) -- US benchmark equity indexes retreated 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 slid 2.2% to 19,524, while the S&P 500 and the Dow Jones Industrial Average dropped 1.7% each to 6,013.1 and 43,428, respectively. Among sectors, consumer discretionary and technology saw the steepest declines, while utilities was little changed. Consumer staples was the only gainer.

For the week, the Dow and the Nasdaq declined 2.5% each, while the S&P 500 shed 1.7%.

In economic news, US consumer sentiment tumbled in February, while year-ahead inflation expectations hit the highest levels since November 2023, according to a survey by the University of Michigan.

The report 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, while optimism waned amid worries over the impact of tariffs and domestic spending cuts, a report by S&P Global ( SPGI ) showed.

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

"Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve," NAR Chief Economist Lawrence Yun said. "When combined with elevated home prices, housing affordability remains a major challenge."

The 10-year US Treasury yield decreased 7.2 basis points to 4.43% Friday, while the two-year rate lost 6.6 basis points to 4.2%.

In company news, Akamai Technologies ( AKAM ) shares sank nearly 22%, the steepest decline on the S&P 500. The company late Thursday provided downbeat quarterly and full-year financial expectations.

UnitedHealth Group ( UNH ) on Friday refuted claims by The Wall Street Journal that the US Department of Justice had launched an investigation into the health insurer's Medicare billing practices. The company's shares slid 7.2%, the worst Dow performer.

MercadoLibre ( MELI ) was the top gainer on the Nasdaq, up 7.1%. The company late Thursday delivered a quarterly beat.

West Texas Intermediate crude oil slipped 3.1% to $70.22 a barrel Friday and was headed for a weekly loss.

The market is dealing with "an increasingly erratic message flow from Washington (DC)" and awaiting a decision from the Organization of the Petroleum Exporting Countries and its allies on output, Saxo Bank said.

Gold fell 0.3% to $2,948.20 per troy ounce, while silver lost 1.7% to $32.91 per ounce.