01:58 PM EDT, 03/13/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday as President Donald Trump threatened to impose a 200% tariff on European Union alcohol exports.

The Nasdaq Composite was down 2.2% at 17,253.5 after midday Thursday, while the Dow Jones Industrial Average and the S&P 500 fell 1.6% each to 40,705.9 and 5,508.7, respectively. All sectors were in the red, led by consumer discretionary and communication services.

Trump said the US will impose a 200% tariff on all alcohol products coming from the EU if a European tariff placed on US whiskey is not rescinded. Canada and the EU recently announced retaliatory tariffs against the US.

US Treasury yields were lower intraday, with the two-year rate falling 5.5 basis points to 3.94% and the 10-year rate decreasing 4.6 basis points to 4.27%.

In economic news, US producer prices were flat last month, marking a slowdown sequentially as wholesale costs of services declined, the Bureau of Labor Statistics reported. On Wednesday, government data showed that consumer inflation decelerated more than expected in February.

"While a welcome directional adjustment, after several months of accelerating price pressures, one month's reprieve does little to instill confidence of a sustained disinflationary trend, particularly as some of the larger monthly gains in the report suggest some further price pressures to come," Stifel said in a Thursday note.

Weekly applications for unemployment insurance in the US unexpectedly dropped, while continuing claims also fell, government data showed.

In company news, Adobe (ADBE) shares slumped 13%, the worst performer on the S&P 500. The software maker late Wednesday reported fiscal first-quarter results that showed "weakness" in net-new digital media annualized recurring revenue, smaller beat magnitudes, and a soft quarterly outlook, Oppenheimer said.

Intel ( INTC ) shares jumped nearly 14% intraday Thursday, the top gainer on the S&P 500. The chipmaker late Wednesday appointed semiconductor industry veteran Lip-Bu Tan as chief executive, effective March 18.

Dollar General's ( DG ) fiscal fourth-quarter earnings fell more than Wall Street's expectations Thursday, but sales topped estimates. The discount retailer's shares were up 4.1%, among the best S&P 500 performers.

West Texas Intermediate crude oil slid 1.7% to $66.51 a barrel intraday.

Global oil supply is expected to exceed demand this year, while trade tensions are clouding the outlook, the International Energy Agency said.

"The macroeconomic conditions that underpin our oil demand projections deteriorated over the past month as trade tensions escalated between the (US) and several other countries," the IEA said. "New US tariffs, combined with escalating retaliatory measures, tilted macro risks to the downside."

Gold increased 1.5% to $2,990.30 per troy ounce, while silver gained 1.6% to $34.28 per ounce.