Wall Street's Downward Slide Returns, Gold Breaks Records, Intel Skyrockets On CEO Appointment: What's Driving Markets Thursday?

Bears regained control on Wall Street, with major indices wiping out Wednesday's gains and retesting recent lows as investor concerns over tariffs continue to weigh on sentiment.

A much weaker-than-expected producer inflation report failed to provide a meaningful boost to risk assets. In February, the Producer Price Index was flat month-over-month, significantly below the upwardly revised 0.6% in January and well under the 0.3% consensus estimate.

On Thursday, U.S. President Donald Trump threatened to impose a 200% tariff on European wine and spirits imports unless the EU eliminates its 50% tariff on U.S. whiskey.

Safe-haven demand sent gold prices soaring to a record high of $2,980 per ounce, while major U.S. indices tumbled.

The Dow, S&P 500, and Nasdaq 100 lost 1.1%, 1.2%, and 1.7%, respectively, with every sector trading in the ...