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.

Another day, another tariff-driven selloff on Wall Street. The large-cap S&P 500 index was falling 1% to trade at 5,542.16 as of 2:58 p.m. Eastern time on Thursday. A correction for the S&P 500, typically defined as a 10% decline from its recent peak,

Not even a double-shot of good news on the U.S. economy seems to be enough to stop Wall Street’s bleeding. Stocks fell Thursday after President Donald Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol.