S&P 500 Slides Into Correction as Treasuries Climb: Markets Wrap
- Trump vows 200% tariff on EU wine, escalating trade tensions
- Mnuchin discounts recession, says stock retreat ‘makes sense’
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It was only three weeks ago that exuberance over Donald Trump’s blueprint for the economy had vaulted US stocks to a record high. Today, with concern mounting over the goals and impact of his trade war, the S&P 500 tumbled into its first 10% correction in almost two years.
Volatility surged anew across asset classes Thursday, extending a retreat from risk that has lopped $5 trillion from the US equity benchmark and shows signs of seeping into high-yield bonds. New salvos in President Trump’s tariff offensive spurred another race for havens in the Treasury market.