US stocks open lower after Trump threatened a 200% tax on European liquor if the EU tax on US whiskey isn't removed.

The S&P 500 fell 1.4% on Thursday, marking its lowest point of the year and sliding into a market correction, as it is now down 10.1% from the all-time high it reached less than a month ago. The Dow Jones Industrial Average also hit a year-to-date low, closing down 537 points.

While Adobe beat on the top- and bottom-line for its fiscal first quarter and gave solid fiscal Q2 guidance, its net new annual recurring revenue of roughly $410 million landed at the low end of expectations, says UBS Global Research analyst Karl Keirstead.