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The confirmation that the S&P 500 has fallen into a correction marks a significant shift in market sentiment as the index - widely considered the best gauge of large U.S. companies and broader stock market health - joins the Nasdaq in showing signs of deepening investor concerns over trade tensions. Wall Street's latest decline came after U.S. President Donald Trump said he would levy a 200% duty on European wine and cognac imports unless the EU removes surcharges on U.S. whiskey. The S&P 500 ended the session at 5,521.52 points.

Clothing and footwear retailer Zumiez (NASDAQ:ZUMZ) met Wall Street’s revenue expectations in Q4 CY2024, but sales were flat year on year at $279.2 million. The company expects next quarter’s revenue to be around $181 million, coming in 2% above analysts’ estimates. Its GAAP profit of $0.78 per share was in line with analysts’ consensus estimates.

E-signature company DocuSign (DOCU) reported Q4 CY2024 results beating Wall Street’s revenue expectations, with sales up 9% year on year to $776.3 million. On the other hand, next quarter’s revenue guidance of $747 million was less impressive, coming in 1.4% below analysts’ estimates. Its non-GAAP profit of $0.86 per share was in line with analysts’ consensus estimates.

Mobile game developer Skillz (NYSE:SKLZ) fell short of the market’s revenue expectations in Q4 CY2024, with sales falling 30.1% year on year to $20.37 million. Its GAAP loss of $1.50 per share was 32% below analysts’ consensus estimates.

NEW YORK (Reuters) -For the first time in over a year, the U.S. stock market is in a correction. The benchmark stock index closed down more than 10% from its February 19 closing high, meeting the widely used definition of a correction. The S&P 500's slide follows a similar drop for the tech-heavy Nasdaq Composite index, which last week confirmed it was in a correction.

Beauty, cosmetics, and personal care retailer Ulta Beauty (NASDAQ:ULTA) reported Q4 CY2024 results topping the market’s revenue expectations, but sales fell by 1.9% year on year to $3.49 billion. On the other hand, the company’s full-year revenue guidance of $11.55 billion at the midpoint came in 1% below analysts’ estimates. Its GAAP profit of $8.46 per share was 18.4% above analysts’ consensus estimates.

The risk of government shutdown adds more worry for markets already grappling with Trump's tariff onslaught.