SPX: S&P 500 Deepens Slide to Correction Zone, Joining Tech-Heavy Nasdaq

Nasdaq extended its slump to 14% from record and the broader benchmark closed lower by 10% from its own peak.

🤝 S&P 500 Joins Nasdaq

• The S&P 500 index drifted lower by 1.4% Thursday, closing more than 10% below its February 19 all-time high. Now the broad market benchmark is officially in correction territory, joining the Nasdaq Composite, which entered into a correction last week and deepened its slump by another 2% yesterday.
• The tech-heavy index is now lower by roughly 14% from its all-time high hit last month. The Dow Jones Industrial Average dropped 537 points in regular trading Thursday, wiping out 1.3%.

📉 200% Tariffs on Booze

• It’s all about tariffs. Not even a soft inflation report could lift up the moods on Wall Street. Donald Trump’s ever-changing narrative on taxes and charges escalated quickly. On Thursday, he vowed to slap European Union booze with a 200% tariff if the old continent doesn’t walk back a 50% tax on whiskey.
• The EU said a day earlier it had responded to Trump’s 25% tariffs on aluminum and steel by adding the levy on US whiskey. In short, trade tensions are gaining traction fast. And that’s not even their final form.

🔥 What’s a Little Volatility?

• Wall Street is worried that these uncertainties could lead to a full-fledged global trade war with the superpowers not talking to each other, but rather slapping one product with a tariff after another. All that could cause lots of trouble for businesses and consumers trying to plan their budgets.
• The White House didn’t stay tight-lipped (but maybe it should have?) Treasury Secretary Scott Bessent said the Trump administration is focused on the “real economy” and isn’t concerned about “a little” volatility. From their records, stocks have shed more than $4 trillion in market value.