Whirlpool's stock price plummeted 5.10% during intraday trading on Friday, as the company announced a series of negative developments that shook investor confidence.

The appliance maker suspended its quarterly dividend, ending a 70-year streak of payments, and drastically cut its full-year earnings guidance roughly in half. The company cited historically low consumer confidence, an anemic housing market, and the Supreme Court's voiding of previous emergency tariffs as reasons for these moves. Whirlpool specifically stated that the war in Iran has led to a collapse in consumer confidence, triggering a sharp downturn in the U.S. industry.

Adding to the negative sentiment, multiple analysts cut their price targets on Whirlpool following the announcements. The company also plans to increase list prices for its appliances by about 4% in July, which may further pressure demand in an already challenging environment.