The U.S. stock market fell further Tuesday following President Donald Trump’s latest escalation in his trade war, briefly pulling Wall Street 10% below its record set last month. And like it’s been for most of the past few weeks, the market’s slide on Tuesday was erratic and dizzying.

The S&P 500 fell 0.8%, but only after careening between a modest gain and a tumble of 1.5%. The main measure of Wall Street’s health finished 9.3% below its all-time high after flirting with the 10% threshold that professional investors call a “correction.”

Other indexes likewise swung sharply through the day. The Dow Jones industrial average lost 478 points, or 1.1%, and the Nasdaq composite ended up slipping 0.2%.

Such head-spinning moves are becoming routine in what’s been a scary ride for investors as Trump tries to remake the country and world through tariffs and other policies. Stocks have been heaving mostly lower on uncertainty about how much pain Trump is willing for the economy to endure in order to get what he wants.

Stocks began tumbling in the morning after Trump said he would double planned tariff increases on steel and aluminum coming from Canada.

Stocks pared their losses later in the day, even briefly eliminating them altogether, after Ontario’s premier said he had agreed to remove the surcharge on electricity that had enraged Trump so much. Trump would afterward say that he would “probably” return the steel and aluminum tariffs on Canada to 25%.

After that brief perk higher, though, stocks would go on to slide again into the end of trading.

Delta Air Lines’ stock lost 7.3% after it said it’s already seeing a change in confidence among customers, which is affecting demand for close-in bookings for its flights. That pushed the airline to roughly halve its forecast for revenue growth in the first three months of 2025, down to a range of 3% to 4% from a range of 7% to 9%.

Oracle dropped 3.1% after the technology giant reported profit and revenue for the latest quarter that fell short of analysts’ expectations.

Helping to keep the market in check were several Big Tech stocks, which steadied a bit after getting walloped in recent months. Elon Musk’s Tesla rose 3.8%, for example, after Trump said he would buy a Tesla in a show of support for “Elon’s ‘baby.’”Tesla’s stock is down 42.9% for the year so far.

Nvidia added 1.7% to trim its loss for the year so far to 19%.

Because Nvidia, Tesla and other Big Tech stocks have grown so massive in size, their movements carry much more weight on the S&P 500 and other indexes than any other company.

All told, the S&P 500 fell 42.49 points to 5,572.07. The Dow dropped 478.23 to 41,433.48, and the Nasdaq composite slipped 32.23 to 17,436.10.

In the bond market, Treasury yields clawed back some of their tumbles in recent months. The yield on the 10-year Treasury rose to 4.28% from 4.22% late Monday. In January, it was nearing 4.80%, before it began sinking on worries about the U.S. economy.

— Associated Press