US Stocks Fall
The S&P 500 fell 0.5%, the Dow Jones fell about 160 points and the Nasdaq dropped 1% on Thursday as investors monitored escalating trade tensions while assessing key economic data. President Trump has threatened to impose 200% tariffs on wine and other spirits from the EU in retaliation for the bloc’s recently announced retaliatory measures.
On the data front, producer price inflation came in below expectations, with the headline figure remaining flat and the core rate falling 0.1% month-on-month, mirroring a weaker-than-expected CPI report released yesterday. Additionally, initial jobless claims came in at 220,000, slightly below estimates but largely in line with recent trends. Consumer staples and technology were the worst-performing sectors while materials outperformed. On the corporate front, Adobe shares plunged more than 10% after it delivered a disappointing earnings outlook. Intel shares, on the other hand, jumped more than 16% after the company announced a new CEO.
Source: Trading Economics
