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Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields. Emerson Brooking, a disinformation expert at the Atlantic Council's Digital Forensic Research Lab, said: "Back in the Wild West period of content moderation, like 2014 or 2015, maybe they could have gotten away with it, but it stands in marked contrast with how other companies run themselves today." Friday’s performance was part of a larger shift. For the week, the Dow, S&P 500 and Nasdaq fell 2%, 2.9%, and 3.5%, respectively. Stocks closed in the red Friday as investors weighed upbeat remarks from Russian President Vladimir Putin about diplomatic discussions with Ukraine against a weaker-than-expected print on U.S. consumer sentiment. The news also helped traders look past another report showing decades-high inflation and shake off some of the volatility from recent sessions. The Bureau of Labor Statistics' February Consumer Price Index (CPI) this week showed another surge in prices even before Russia escalated its attacks in Ukraine. The headline CPI — soaring 7.9% over last year — underscored the sticky inflationary pressures reverberating across the U.S. economy, with everything from groceries to rents and airline fares getting more expensive for everyday consumers.
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