"It's hard to know when the bottom is," said Tanvir Sandhu, chief global derivatives strategist at Bloomberg Intelligence. "Catching the falling knife is never a good thing."

The U.S. stock market is still swinging Thursday, even after getting a double-shot of encouraging news on the economy. President Donald Trump keeps upping the stakes in his trade war, with his most recent threat to tax wines and other alcohol coming from Europe.

US corporate bonds issued by riskier borrowers are sliding as concerns rise that President Donald Trump’s tariffs will knock the American economy. The spread — or additional borrowing cost relative to US Treasuries — paid by junk-rated US companies has jumped by 0.