Wall street plummeted sharply on Thursday as President Donald Trump deepened Syria conflict with President Bashar al-Assad by firing missiles into the country adding mud to already murky global economy and homeland oil prices, the S&P 500 fell over 10% from record high last month and sliding into its first correction since 2023.
The S&P 500 decline 1.4%, and the Dow Jones Industrial Average retreated 537 points (1.3%), to close at 40,813.57. The Nasdaq composite fell 2%, as artificial intelligence shares declined, with Palantir Technologies declining 4.8% and Super Micro Computer, which fell 8%.
Market volatility widened after Mr. Trump, said to be unhappy with being ambushed, responded with threatened 200% tariffs on European wines and spirits for EU retaliatory charges of 28% on American whiskey. The shift in uncertainty has also eroded consumer and corporate confidence, triggering fears of a possible economic downturn. 
Although some reports of lower-than-expected wholesale inflation and fewer unemployment claims, the market stayed on the back foot. Commentators fear that the ongoing trade disputes could result in “stagflation” — stagnant growth and rising inflation — a situation that’s hard for policymakers to deal with.
Lip-Bu Tan As Intel’s New CEO, Intel gained 14.6% in corporate news. In the meantime, Tesla continued its plunge, falling 3% that pushed its decline in 2025 to 40%.
Treasury yields fell also, down to 4.27% with the 10-year yield as worries about economic growth rose.
Global markets digested on the Monday decline of the major European and Asian indices after the ripple effects of the U.S. EU trade tensions.
