Indices landed in the red on Thursday. Procter & Gamble and Caterpillar led decliners on the Dow. Stocks slipped amid news the U.S. plans to impose steel tariffs on Europe, Canada, and Mexico. On another note, consumer spending increased 0.6% in April while personal incomes edged up 0.3%. Looking elsewhere, initial jobless claims decreased last week. Department of Labor data showed first-time claims fell by 13,000 to 221,000.