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
| Major Indices | Price | Chg % |
| Dow Jones | 40,886.55 | -1.1% |
| S&P 500 | 5,530.27 | -1.2% |
| Russell 2000 | 1,998.30 | -1.3% |
| Nasdaq 100 | 19,255.17 | -1.7% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 1.1% to $553.09.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 1% to $409.64.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) tumbled 1.6% to $469.60.
- The iShares Russell 2000 ETF (NYSE:IWM) inched 1.2% lower.
- The Materials Select Sector SPDR Fund (NYSE:XLB) is down 0.61%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 2.04%.
Thursday’s Stock Movers
- Intel Corp. (NASDAQ:INTC) stole the spotlight, soaring 16% after the company announced Lip-Bu Tan as its new CEO. The leadership shake-up fueled optimism among investors, prompting Bank of America to raise its price target on the stock from $19 to $25.
- Adobe Inc. (NASDAQ:ADBE) plummeted 13% despite beating earnings and revenue estimates. The tech giant is heading for its lowest close since May 2023, as a wave of Wall Street analysts slashed their price targets on the stock.
- Other stocks reacting on company earnings were Dollar General Corp. (NYSE:DG), up 3.8%; Weibo Corp. (NASDAQ:WB), down 3.7% and Futu Holdings Ltd. (NASDAQ:FUTU).
- Companies reporting their earnings after the close include Crown Castle Inc. (NYSE:CCI), Wheaton Precious Metals Corp. (NYSE:WPM), DocuSign Inc. (NYSE:DOCU) and Ulta Beauty Inc. (NASDAQ:ULTA).
Read Now:
Photo: Shutterstock