The Dow surged more than 2,900 points
Stocks exploded higher Wednesday after President Donald Trump announced a 90-day pause on reciprocal tariffs (with the exception of China), easing investor fears. In the same post on Truth Social, Trump announced he was raising the tariff on China to 125%. Later, Treasury Secretary Scott Bessent stated that all other countries would go back to the 10% baseline tariff amid ongoing negotiations.
The Dow skyrocketed 2,962 points, or 7.9%, for its largest single-day percentage gain since March 2020. The Nasdaq soared 12.2% for its best day since 2001, while the S&P 500 marked its biggest win since 2008. Tech giants Apple (AAPL), Nvidia (NVDA), and Tesla (TSLA) helped lead the charge.
Continue reading for more on today's market, including:
- Bull signal could push this cloud stock higher.
- Why analysts are bullish on these 2 stocks.
- Plus, what to expect from the SPX; F's bear note; and DAL's earnings reaction.
5 Things to Know Today
- The 10-year Treasury yield eased after a strong bond auction and tariff pause calmed fears over demand and rising rates. (CNBC)
- The average 30-year mortgage rate fell to 6.61% -- its lowest since October -- sparking a 20% jump in applications despite global market turmoil. (Reuters)
- What a bear market could mean for the SPX moving forward.
- Ford stock hit multi-year lows after being downgraded.
- Breaking down Delta Air Lines' profit beat.
Oil, Gold Prices React to Trump's Tariff Pause
Oil soared Wednesday, marking its best session since October 2024 after tariff updates. May-dated West Texas Intermediate (WTI) crude rose $2.77, or 4.7%, to settle at $62.35 per barrel, after earlier falling as low as $55.12.
Gold surged Wednesday, on track for its best session since March 2023, as a weaker dollar and renewed safe-haven demand followed China’s latest round of U.S. tariff retaliation. June-dated gold was last seen 3.7% higher at $3,101.70 an ounce.