By Heard Editors
What Happened in Markets Today
Trade war heats up. Take our whiskey, we'll take your Champagne. President Trump responded to the EU's plan to impose a 50% tariff on American whiskey with a threat to impose a 200% tariff on alcoholic beverages from the 27-nation bloc.
Stocks get burned again. Fears about the escalating trade war and inflation sent U.S. stocks down sharply, with the Dow and S&P 500 losing more than 1% and the Nasdaq Composite shedding 2% by the closing bell. For the Dow, it was the third drop of more than 1% over the last four trading days.
Megacaps melt down. All six tech giants valued at more than $1 trillion closed in the red-and all but Nvidia shed more than 1% for the day. The total damage among the six was about $323 billion in lost market cap.
Intel's new boss helps buck the trend. Intel was one of the few big gainers for the day, with the stock jumping 14.6% after the company named well-regarded chip industry vet Lip-Bu Tan as its new CEO. Heard on the Street's Dan Gallagher says the honeymoon will be short.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
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(END) Dow Jones Newswires
March 13, 2025 17:22 ET (21:22 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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