Stocks dropped sharply on Friday after a highly anticipated inflation report showed a faster-than-expected rise in prices and consumer sentiment hit a record low.

The Dow Jones Industrials plummeted 880.43 points, or 2.7%, to 31,392.79.

The S&P 500 handed back 116.96 points, or 2.9%, to 3,900.86.

The NASDAQ Composite plunged 414.2 points, or 3.5%, to 11,340.02.

The selloff was broad, with nearly every member of the 30-stock Dow in the red. Declining stocks outnumbered advancing ones on the New York Stock Exchange by roughly nine to one.

Apple dropped 3.9%, while Microsoft declined 4.5% and Dow, Inc. dropped 6.1%. Salesforce sank 4.6%, and Amazon fell more than 5%.

Friday’s declines mean Wall Street suffered its worst week in months. The Dow fell 4.58% for its 10th down week in the past 11. The S&P 500 and toppled 5.05% and the NASDAQ Composite lost 5.6%, for their ninth losing week in 10 and the worst week since January.

The hot inflation reading could lead traders to price in more rate hikes from the Federal Reserve later this year.

Tech stocks were under pressure as investors grappled with higher rates and a potential recession. Shares of Netflix dropped more than 5% following a downgrade from Goldman Sachs. Chip giant Nvidia slid nearly 6%.

Banks and cyclical stocks also moved lower, possibly reflecting recession fears. Shares of Wells Fargo retreated by 6%, Goldman Sachs shed more than 5%. Boeing dropped 5%.

The May consumer price index report came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index.

The hot inflation flamed concerns about a potential recession for the U.S. economy. Elsewhere, the preliminary June reading for the University of Michigan consumer sentiment index came in well below expectations, hitting a record low.

Treasury prices swooned, raising yields to 3.16% from Thursday’s 3.05%. Treasury prices and yields move in opposite directions.

Oil prices dropped 87 cents to $120.64 U.S. a barrel.

Gold prices leaped $23.00 to $1,879.50 U.S. an ounce.

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