Wall Street’s sell-off deepened Thursday, as President Donald Trump‘s escalating trade war pushed the S&P 500 more than 10 precent below its record high from last month.
A 10 percent decline qualifies as a “correction”, a term used by professional investors, and Thursday’s 1.4 percent drop marked the S&P 500’s first correction since 2023. The losses followed Trump’s threat to impose hefty tariffs on European wines and alcohol, further escalating trade tensions. Not even strong economic data could reverse the downturn.
The Dow Jones Industrial Average tumbled 537 points, or 1.3 percent, while the Nasdaq composite slid 2 percent.
Markets have been experiencing wild volatility, with the Dow swinging between slight gains and a 689-point drop over the course of Thursday’s session.
This is a developing news story and will be updated as more information is available.
Reporting by The Associated Press contributed to this story.