LIVE MARKETS-US stocks swoon resumes, S&P in correction

ReutersMar 13, 2025 8:21 PM

Main US end indexes red; Nasdaq weakest, off ~2%
S&P 500 in correction territory, down 10.13% from record close
Comm Svcs weakest sector, Utilities sole advancer
Dollar up; gold up >1.5%; crude down >1.5%; bitcoin slides ~3%
US 10-Year Treasury yield falls to ~4.27%

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U.S. STOCKS SWOON RESUMES, S&P IN CORRECTION

After a brief respite in the prior session, stocks resumed their recent slide on Thursday, as the latest tariff flare kept investors uncertain about the future health of the global economy.

In the latest tariff shot, U.S. President Donald Trump threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a new front in a global trade war.

That overshadowed relatively positive data on inflation and the labor market, although some analysts downplayed the readings as they have yet to significantly see the impact of the duties and recent reductions in the federal workforce.

Also dampening sentiment was dwindling optimism over a potential ceasefire between Russia and Ukraine as Russian President Vladimir Putin said it supported a U.S. proposal for a ceasefire in Ukraine in principle, but that any truce would have to address the root causes of the conflict and that many crucial details needed to be sorted out.

When all was said and done, the S&P 500 ended down 1.39% on the session, and is down 10.13% from its February 19 record close, confirming the benchmark index has been in a correction for nearly a month.

Below is your closing market snapshot:

(Chuck Mikolajczak)

FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:

YARDENI CUTS S&P 500 "BEST CASE" VIEW TO 6,400 FROM 7,000 - CLICK HERE

MIDCAPS' TIME TO SHINE? - CLICK HERE

CREDIT MARKETS ARE MORE SANGUINE ON RECESSION RISK, ARE THEY RIGHT? - CLICK HERE

DOUBLE FEDDER: COOLING PPI, TAME JOBLESS CLAIMS - CLICK HERE

U.S. STOCKS LOWER AS LATEST TARIFF THREAT WEIGHS - CLICK HERE

HOW EMS COULD FARE IN THE EVER-CHANGING US TRADE POLICY - S&P GLOBAL RATINGS - CLICK HERE

US STOCK FUTURES A BIT LESS RED AFTER DATA RELEASES - CLICK HERE

DAX COULD BE GOING TO DISAPPOINT MILESTONE LOVERS - CLICK HERE

NOTHING LAST FOREVER, BUT THE GOLD RALLY MIGHT TRY - CLICK HERE

EUROPEAN EQUITY VOLATILITY AT ONE-WEEK LOW - CLICK HERE

BREATHING SPACE - CLICK HERE

MORNING BID: TARIFF WORRIES WEIGH AS CPI CHEER FADES - CLICK HERE

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