04:46 PM EDT, 03/13/2025 (MT Newswires) -- US benchmark equity indexes closed lower on Thursday after Trump warned of a 200% tariff on alcohol imports from the European Union.

The Nasdaq Composite fell 2% to 17,303, while the S&P 500 decreased 1.4% to 5,521.5. The Dow Jones Industrial Average was down 1.3% to 40,813.6. All sectors except utilities declined, while consumer discretionary and communication were the worst performers.

US Treasury yields were lower, with the 10-year rate dropping about 4.4 basis points to 4.27% and the two-year rate was down 3.8 basis points to 3.96%.

April West Texas Intermediate crude oil decreased 1.6% to $66.57 a barrel Thursday.

In economic news, Trump warned that the US will impose a 200% tariff on all alcohol imports from the European Union if the EU does not rescind its tariff on US whiskey.

US producer prices were flat in February, marking a slowdown sequentially as wholesale costs of services declined, the Bureau of Labor Statistics reported.

"Over 40 percent of the February decline in prices for final demand services is attributable to margins for machinery and vehicle wholesaling, which decreased 1.4%," the Bureau said.

Weekly applications for unemployment insurance in the US dropped 2,000 from the previous week to 220,000, the Department of Labor data showed.

In company news, Intel ( INTC ) was the top gainer on the S&P 500 with shares up nearly 15%. The chipmaker late Wednesday appointed semiconductor industry veteran Lip-Bu Tan as chief executive, effective March 18.

"We believe Intel ( INTC ) has a greater opportunity to restructure/turn things around under his leadership, with Intel's ( INTC ) strong incumbency/brand position in enterprise PC/server CPUs increasing the potential for success," Oppenheimer said.

Dollar General's ( DG ) shares were up 6.8%. The company's fiscal fourth-quarter earnings fell more than Wall Street's expectations Thursday, but sales topped estimates.

Adobe (ADBE) was the worst performer on the S&P 500 with shares declining nearly 14%. The software maker's fiscal first-quarter results showed "weakness" in net-new digital media annualized recurring revenue, smaller beat magnitudes, and a soft quarterly outlook, Oppenheimer said.

OSI Systems ( OSIS ) shares dropped 3.5% after a short-seller report alleged that the company misrepresented financials on its Mexican business.

Gold gained 1.6% to $2,994.90 per troy ounce, while silver was up 2% to $34.40 per troy ounce.