Wall Street's sell-off hit a new low Thursday after President Trump's escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.
- The Dow dropped 537.36 points to 40,813.57.
- The S&P 500 lost 77.78 points to fall to 5,521.52.
- The Nasdaq sank 345.44 to 17,303.01.
A 10% drop is a big enough deal that professional investors have a name for it—a "correction"—and the S&P 500's 1.4% slide on Thursday sent the index to its first since 2023, the AP reports. The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol. Not even a double shot of good news on the US economy could stop the bleeding. One report showed inflation at the wholesale level last month was milder than economists expected. A separate report said fewer US workers applied for unemployment benefits last week than economists expected. It's the latest signal that the job market remains relatively solid overall. If that continues, it could allow US consumers to keep spending, and that's the main engine of the economy.
On Wall Steet, some stocks connected to the artificial intelligence industry resumed their slide and weighed on stock indexes. Palantir Technologies sank 4.8%. Super Micro Computer lost 8%. Nvidia swung between gains and losses before finishing nearly unchanged. Elon Musk's Tesla fell 3% following a rare back-to-back gain, and it's down more than 40% so far in 2025. On the winning side of Wall Street was Intel, which jumped 14.6% after naming former board member and semiconductor industry veteran Lip-Bu Tan as its CEO. (More Wall Street stories.)
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