Mumbai, March 14 -- The Nasdaq plunged 345.44 points (2%) to 17,303.01, the S&P 500 slumped 77.78 points (1.4%) to 5,521.52 and the Dow dove 537.36 points (1.3%) to 40,813.57.

The EU planned tariffs on $28 billion of U.S. goods in response to U.S. steel and aluminum tariffs, prompting Trump to threaten reciprocal measures. He later warned of a 200% tariff on EU alcoholic products after a 50% tariff on whisky.

Traders largely ignored a Labor Department report showing U.S. producer prices were flat in February, defying expectations of a 0.3% increase. The annual growth rate slowed to 3.2% from 3.7% in January, below the anticipated 3.3% dip. Labor Department released a report showing a modest decrease by first-time claims for U.S. unemplo...