US stock markets fell sharply Friday after an economic report showed American consumers are growing increasingly fearful of price increases and how President Donald Trump’s tariffs could reignite the inflation crisis.

The S&P 500 was down 1.7% in late trading and heading toward its worst day in two months. The Dow Jones Industrial Average was down 781 points, or 1.8%, and the Nasdaq composite was 2.2% lower, with an hour remaining in trading.

U.S. stocks fell sharply after reports showed that worries among consumers and businesses about President Donald Trump’s policies may be hitting the economy