UPDATE: Dow Jones industrials fall 500 points as investors worry about fallout from steep tariffs on steel and aluminum imports.

This is a breaking story; please check back for updates.

U.S. stocks dropped in another dizzying day of trading on Thursday as investors dissected Federal Reserve Chairman Jerome Powell’s latest testimony before Congress and the possibility of stiff tariffs on steel and aluminum imports.

Stocks were higher earlier in the day after Powell appeared to calm one of the market’s main worries when he said that he does not see inflation in workers’ wages “at a point of acceleration.” Investors have been nervous about the possibility that the Fed may get more aggressive about raising interest rates to beat down inflation.

But stocks slid in the afternoon after President Donald Trump told steel and aluminum executives that he’ll impose tariffs on imports next week.

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