Stock Market Today: Stocks tumble with inflation, CoreWeave IPO in focus

U.S. stocks moved lower Friday, while Treasury yields and the dollar held steady, as markets continue to express caution over the prospects of a global trade war while parsing details from a key inflation reading tied to tariff price pressures. 

Updated at 1:27 PM EDT

Extending slump

CoreWeave shares opened below their listing price on their Nasdaq debut Friday, wrapping up a disappointing IPO for the Nvidia-backed data center group.

CoreWeave opened at $39 per share, a $1 lower than its IPO price, which was marked sharply lower earlier this week amid concerns tied to the broader AI investment thesis, the group's small number of customers and reports of founder share selling in the weeks leading up to the listing.

CoreWeave shares were last marked 2.32% lower from their IPO price at $39.06 per share in early afternoon trading.

COREWEAVE $CRWV OPENS AT $39, 2.5% BELOW $40 IPO PRICE pic.twitter.com/zCxnZfoUmQ— Wall St Engine (@wallstengine) March 28, 2025

Updated at 11:07 AM EDT

Extending slump

Stocks are extending their early declines, with tech stocks pacing the slump, following a surprise uptick in the Fed's preferred inflation gauge and ongoing concerns tied to President Trump's tariff policies. 

The Nasdaq was last marked 388 points, or 2.17% lower on the day, with the S&P 500 down 92 points, or 1.63% and the Dow slumping 600 points.

In the bond market, benchmark 2-year notes yields to 3.937% while 10-year notes slipped to 4.276%, perhaps reflecting larger concerns tied to growth than inflation risks, despite the hotter-than-expected PCE report.

"The Fed is in a tricky spot," said Bill Adams, chief economist a Comerica Bank in Dallas. "One the one hand, the economy is downshifting which argues for lower rates."

"On the other hand, inflation looks set to pick up. Pulled in two directions, the Fed is likely to cut interest rates by a quarter of a percent around midyear—Comerica’s forecast sees the next change in rates as a quarter percentage point cut in July," he added.

Nasdaq 100 $QQQ now up just 1% from its 3/13 low and down 3% over the last six months. pic.twitter.com/vcSXc3XsFT— Bespoke (@bespokeinvest) March 28, 2025

Updated at 9:34 AM EDT

Soft open

The S&P 500 was marked 25 points lower, or 0.44%, in the opening minutes of trading, with the Nasdaq down 126 points, or 0.72%.

The Dow fell 130 points while the mid-cap Russell 2000 slipped 6 points, or 0.29% following the faster-than-expected PCE inflation report.

"Historically speaking, the S&P 500 tends to perform pretty well in mild inflationary environments where annual core PCE is between 2% and 4%," said Bret Kenwell, U.S. investment analyst at eToro. "But investors don’t seem to care about historical statistics right now. Instead, their main concern centers around the Fed’s maneuverability."

"That’s the biggest worry: That inflation will remain elevated amid a notable slowdown in the economy," he added. "And while that risk may not be the base case right now, any traction it gains could further weigh on investor sentiment."

S&P 500 Opening Bell Heatmap (Mar. 28, 2025)$SPY -0.27%