The Dow Jones Industrial Average, S&P 500 andNasdaqall declined by between 1.7% and 2.7%.
The tech-heavy Nasdaq bore the brunt of the damage, withBig Techplayers especially hard-hit.
Amazon fell 4%, Alphabet 5% and Apple 3%.
Financial news is seen on a television on the floor of the New York Stock ExchangeMichael M. Santiago/Getty Images
Major media companies like Disney and Comcast declined by 2%, while Warner Bros.
Discovery fell 6%.
Tariffs, which hit automakers this week, are unsettling markets.
But the outlook for consumers and stubbornly high inflation are adding to the uneasiness.
A key gauge of inflation is called the Personal Consumption Expenditures index.
The mark has remained well above the Feds stated target of 2%.
