Traders work on the floor of the New York Stock Exchange on March 13, 2025.
NYSE
After Thursday’s sell-off, the S&P 500 has joined the Nasdaq Composite in correction territory, which is typically taken to mean a decline of 10% or more from a recent high.
Investors looking to distract themselves with a drink might, in fact, feel even more pain. U.S. President Donald Trump threatened to impose a 200% tariff on alcoholic products from European Union nations, in response to the latter lifting its prior suspension on levies on American whiskey.
With Trump remaining adamant on tariffs despite the three-week market rout, that glass of champagne from France might lose some of its effervescent quality and take on bitter notes.
What you need to know today
Highlights of ’s CONVERGE LIVE
hosted CONVERGE LIVE in Singapore on Wednesday and Thursday. Highlights of Day 2 include former U.K. Prime Minister David Cameron saying that Trump’s approach to peace in Ukraine is ‘very worrying” for Russia’s neighbors; veteran Singapore diplomat Kishore Mahbubani discussing the possibility of the U.S. doing “a big trade deal” with China; and Ferrari CEO Benedetto Vigna saying the firm is monitoring Trump tariffs and “doing scenario planning.” Catch up on Day 2’s action here.
Trump threatens tariff retaliations
U.S. President Donald Trump said Thursday he plans to put a 200% tariff on alcohol from France and other European nations. That’s in response to the European Union reinstating an import tax on American whiskey — which, along with California almonds and rearview mirrors from Michigan, will be among some of the products hardest hit by the EU’s tariffs. At an Oval Office meeting on Thursday, Trump said he’s “not going to bend at all” on tariffs.
S&P 500 slides into correction
U.S. markets ended Thursday in the red. The S&P 500 dropped 1.39% and is now 10.1% off its record close, putting it in correction territory. The Dow Jones Industrial Average lost 1.3%, its fourth straight day down, and the Nasdaq Composite fell 1.96%. The pan-European Stoxx 600 index retreated 0.15%. Shares of Pernod Ricard, Rémy Cointreau and Davide Campari fell on Trump’s threats to impose tariffs on alcoholic drinks from Europe.
Flat PPI, but not all good news
The U.S. producer price index was flat in February, seasonally adjusted figures from the Bureau of Labor Statistics showed Thursday, lower than the 0.3% increase expected in a Dow Jones survey. Core PPI decreased 0.1%, also against an estimate for a 0.3% rise and the first negative reading since July. However, the muted consumer and producer price reports for February might not necessarily be good news for the U.S. Federal Reserve.
Russia’s muted response to ceasefire deal
Moscow agrees in principle with the U.S.-led ceasefire plan backed by Ukraine earlier this week, “but there are issues that need to be discussed,” Russian President Vladimir Putin said Thursday, according to an NBC translation. A U.S. delegation led by Trump’s special envoy, Steve Witkoff, arrived in Russia for ceasefire talks on Thursday. Earlier indications from Russian officials suggested that the country was hesitant on the deal.
[PRO] Recession fears not to blame: JPMorgan
Market watchers have cited fears of an economic recession in the U.S. as a catalyst for stocks’ horrid run this week. JPMorgan thinks something else may be the culprit — and if the bank’s assessment is right, there may be a silver lining to the current sell-off.
And finally…
Customers queue outside an Apple store ahead of its opening hours during the first day of sale of the iPhone 15 smartphone in Mumbai, India, on Friday, Sept. 22, 2023.
Dhiraj Singh | Bloomberg | Getty Images
Apple has big expansion plans in India — but Trump’s tariffs could change that
Last week, India’s Commerce Minister Piyush Goyal went to Washington to present trade concessions, including slashing tariffs on key U.S. imports in the hopes that India would be granted an exemption from Washington’s reciprocal tariffs. However, Trump’s trade team doesn’t seem to be budging, per sources close to New Delhi.
The technology industry stands to lose — particularly Apple, which manufactures roughly 15% of its iPhones in India, according to Bank of America analyst estimates. Venugopal Garre, Bernstein’s head of India research, believes that the additional cost of tariffs will make Indian electronics, including the iPhones manufactured in the country, less competitive compared to devices manufactured in other countries.
