Wall Street sank after President Donald Trump’s escalating trade war worsened the U.S. stock market’s sell-off. The S&P 500 fell 1.4% Thursday to finish more than 10% below its record, which was set just last month.

President Trump's decision to double tariffs on Canadian steel and aluminum sends shockwaves through the U.S. stock market.

On Wall Street, Hewlett Packard Enterprises slumped 16.2% after reporting profit for the latest quarter that fell just short of analysts’ expectations. CEO Antonio Neri acknowledged that “we could have executed better in some areas in the quarter,” and the company gave a forecast for revenue in the current quarter that was weaker than expected.

Wall Street’s sell-off is slowing following a scary stretch where worries about the economy and tariffs sent it close to 9% below its all-time high

A 10% drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s slide on Thursday sent the index to its first since 2023.

The turbulence is a result of uncertainty about how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants.

FOX 5's LiveZone reacts to the latest on the Stock Market, President Trump's tariffs, and Ukraine and Russia coming closer to reaching a possible ceasefire agreement.

Over the past two weeks, the market has lost ~10 percent in value. But markets are driven by the profit motive and will discipline an administration that pursues wayward economic policies.