US stocks tumbled, pushing the S&P 500 into a 10% correction. In company news, Adobe shares fell as a tepid outlook failed to excite investors, while Tesla remained volatile. Meanwhile, US bond yields declined following benign producer price data. Elsewhere, European shares edged lower after President Trump vowed 200% tariffs on EU wine. In commodities, oil prices dipped on shifting supply-demand expectations, iron ore rebounded on resilient Chinese demand, and gold surged to a record high. Looking ahead, a correction wave is set to hit Aussie shares.

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