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 red — except materials, as gold mining stocks surged.

The U.S. dollar edged up 0.1% but remains near a four-month low. Treasury yields slipped, with the 10-year yield down two basis points to 4.29%.

Bitcoin BTC/USD plunged 3.9%, potentially snapping a two-day winning streak.

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY fell 1.1% to $553.09.
• The SPDR Dow Jones Industrial Average DIA fell 1% to $409.64.
• The tech-heavy Invesco QQQ Trust Series QQQ tumbled 1.6% to $469.60.
• The iShares Russell 2000 ETF IWM inched 1.2% lower.
• The Materials Select Sector SPDR Fund XLB is down 0.61%; the Technology Select Sector SPDR Fund XLK lagged, down 2.04%.

• Intel Corp. INTC stole the spotlight, soaring 16% after the company announced Lip-Bu Tan as its new CEO. The leadership shake-up fueled optimism among investors, prompting Bank of America to raise its price target on the stock from $19 to $25.
• Adobe Inc. ADBE plummeted 13% despite beating earnings and revenue estimates. The tech giant is heading for its lowest close since May 2023, as a wave of Wall Street analysts slashed their price targets on the stock.
• Other stocks reacting on company earnings were Dollar General Corp. DG, up 3.8%; Weibo Corp. WB, down 3.7% and Futu Holdings Ltd. FUTU.
• Companies reporting their earnings after the close include Crown Castle Inc. CCI, Wheaton Precious Metals Corp. WPM, DocuSign Inc. DOCU and Ulta Beauty Inc. ULTA.

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