Bears regained control on Wall Street, with major indices wiping out Wednesday's gains and retesting recent lows as investor concerns over tariffs continue to weigh on sentiment.
A much weaker-than-expected producer inflation report failed to provide a meaningful boost to risk assets. In February, the Producer Price Index was flat month-over-month, significantly below the upwardly revised 0.6% in January and well under the 0.3% consensus estimate.
On Thursday, U.S. President Donald Trump threatened to impose a 200% tariff on European wine and spirits imports unless the EU eliminates its 50% tariff on U.S. whiskey.
Safe-haven demand sent gold prices soaring to a record high of $2,980 per ounce, while major U.S. indices tumbled.
The Dow, S&P 500, and Nasdaq 100 lost 1.1%, 1.2%, and 1.7%, respectively, with every sector trading in the red — except materials, as gold mining stocks surged.
The U.S. dollar edged up 0.1% but remains near a four-month low. Treasury yields slipped, with the 10-year yield down two basis points to 4.29%.
Bitcoin (CRYPTO: BTC) plunged 3.9%, potentially snapping a two-day winning streak.
Thursday’s Performance In Major U.S. Indices, ETFs
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Thursday’s Stock Movers
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