NEW YORK (AP) — Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.

A 10% drop is deemed a correction by professional investors, and the S&P 500's 1.4% slide on Thursday sent the index to its first since 2023. The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol. Not even a double-shot of good news on the U.S. economy could stop the bleeding.

The index dipped 1.4%, while the Nasdaq Composite and the Dow Jones Industrial Average fell 2% and 1.3%, respectively, on Thursday.