The U.S. stock market is falling Thursday, even after getting a double-shot of encouraging news on the economy. President Donald Trump keeps upping the stakes in his trade war, with his most recent threat to tax wines and other alcohol coming from Europe.

With Tesla's stock price plunging, the president made a bombastic announcement in support of "truly great American" Musk. Donald Trump suggested the U.S. had taken too shortsighted an approach to financial stability.

ET the Dow Jones Industrial Average fell 307.75 points, or 0.72%, to 42,492.47, the S&P 500 lost 74.89 points, or 1.30%, to 5,695.31, and the Nasdaq Composite lost 3