Wall Street’s burst of euphoria flipped back to anxiety, with a slide in US stock market futures, oil and the dollar pointing to concern that the trade war will bring lasting damage to the American economy.

S&P 500 futures sank 1.8%, indicating a pullback from Wednesday’s almost 10% surge. The dollar fell for a third day. Brent crude sank below $64 a barrel. Bonds advanced and investors looked for safety in gold, the Swiss franc and yen.