On Friday the S&P 500, Dow, and Nasdaq all dropped sharply following the May inflation numbers. The S&P 500 dropped 2.9% during trading, and was down more than 5% since last Friday – the worst weekly performance since January. It ended just above 3,900, a three week low. The Dow dropped 880 points, or 2.7%, and the Nasdaq Composite was down 3.5% by the end of Friday.

Treasuries spiked, especially on the short end. The 2-year yield jumped to over 3%. The 10-year benchmark was up to 3.1%. US Crude dropped slightly, to around $120 per barrel, from a high of over $122 this week.

Jack Manley, global market strategist at JPMorgan Asset Management said, “At the end of the day, markets are just faced with a whole lot of uncertainty right now. And it’s not just that inflation story. We have still some uncertainty, some lack of clarity around what the Fed is going to do. The war in Europe continues to rage. And we know there are new developments happening on that front every few days. There’s a lot to digest right now. And without any sort of real clarity on these things, it’s hard for markets to meaningfully move higher or lower,” he added. “It’s all markets really want at the end of the day, is news. And no news is bad news.”