U.S. stocks opened lower on Wednesday after European equities mostly fell as President Donald Trump’s threat of new 25% tariffs on autos, drugs, and semiconductors intensified fears of a potential trade war.

The S&P 500 dropped 0.25% from a record and the Nasdaq $NDAQ composite declined about 0.4%. The shares of homebuilders fell after housing starts slowed in January. Intel $INTC (INTC) stock tumbled more than 5%, giving up some recent gains driven by reports of possible deals.

Later on Wednesday, the Federal Reserve will release minutes from its January meeting. Treasuries were narrowly mixed ahead of the news. Oil advanced on concerns about supply.

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The S&amp;P 500 slips from a record as trade war concerns mount. Fed meeting minutes are up next

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The S&P 500 slips from a record as trade war concerns mount. Fed meeting minutes are up next