Wall Street drops 3% despite encouraging inflation data as Trump’s trade war still weighs

News Snapshot:

NEW YORK (AP) — U.S. stocks on Thursday are giving back a chunk of their historic gains from the day before as Wall Street weighs a global trade war that has cooled in temperature but is still threatening the economy. The S&P 500 was down 3.2% in midday trading, a day after surging 9.5% following President Donald Trump’s decision to pause many of his tariffs worldwide. The Dow Jones Industrial Average was down 1,079 points, or 2.7%, as of 11 a.m. Eastern time, and the Nasdaq composite was 3.8% lower. Even a better-than-expected report on inflation Thursday morning wasn’t enough...