Wall Street's sell-off is accelerating Thursday after President Donald 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 U.

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 losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol.

U.S. stock indexes rose Wednesday after Wall Street got some relief from an encouraging inflation update. But even on a rare up day for the market, President Donald Trump’s trade war still knocked stocks around.