CNBC Daily Open: The S&P 500 joins the Nasdaq in correction territory

After Thursday’s sell-off, the S&P 500 has joined the Nasdaq Composite in correction territory, which is typically taken to mean a decline of 10% or more from a recent high.

Investors looking to distract themselves with a drink might, in fact, feel even more pain. U.S. President Donald Trump threatened to impose a 200% tariff on alcoholic products from European Union nations, in response to the latter lifting its prior suspension on levies on American whiskey.

With Trump remaining adamant on tariffs despite the three-week market rout, that glass of champagne from France might lose some of its effervescent quality and take on bitter notes.

Highlights of CNBC’s CONVERGE LIVE
CNBC hosted CONVERGE LIVE in Singapore on Wednesday and Thursday. Highlights of Day 2 include former U.K. Prime Minister David Cameron saying that Trump’s approach to peace in Ukraine is ‘very worrying” for Russia’s neighbors; veteran Singapore diplomat Kishore Mahbubani discussing the possibility of the U.S. doing “a big trade deal” with China; and Ferrari CEO Benedetto Vigna saying the firm is monitoring Trump tariffs and “doing scenario planning.” Catch up on Day 2’s action here.

Trump threatens tariff retaliations
U.S. President Donald Trump said Thursday he plans to put a 200% tariff on alcohol from France and other European nations. That’s in response to the European Union reinstating an import tax on American whiskey —  which, along with California almonds and rearview mirrors from Michigan, will be among some of the products hardest hit by the EU’s tariffs. At an Oval Office meeting on Thursday, Trump said he’s “not going to bend at all” on tariffs.

S&P 500 slides into correction
U.S. markets ended Thursday in the red. The S&P 500 dropped 1.39% and is