03:59 PM EDT, 03/28/2025 (MT Newswires) -- US equities are set to close lower on Friday after new data showed inflation rose faster than expected in February and consumer confidence continued to erode amid broader economic uncertainty ahead of new tariffs imposed by President Donald Trump on automobile imports set to begin next week.

The Nasdaq Composite was falling 2.9% to 17,289.22 late in Friday's session, with the S&P 500 sliding 2.1% to 5,573.17 and the Dow Jones Industrial Average declining 1.8% to 41,551.57. All sectors except utilities and real estate fell, with shares of communication services, consumer discretionary and technology companies the worst performers.

US Treasury yields slumped Friday, with the 10-year yield down 10.8 basis points to 4.26% and the two-year rate 8.4 basis points lower at 3.91%.

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.