The US temporarily suspends some tariffs, leading to a major rebound in gold, Copper, and oil, with the NASDAQ rising over 12%, significant increases in Chinese stocks and the renminbi, and a rise and fall in the yield of ten-year US Treasury bonds.
The Magnificent 7 rose at least nearly 10%, with Tesla up nearly 23%. The ten-year U.S. Treasury yield increased by more than 20 basis points during the session but retraced gains after Trump's speech. Following Trump's announcement of tariffs, the Mexican peso rose over 3% during the session, while the offshore Chinese yuan briefly rebounded over 800 points, breaking 7.35. Bitcoin surged by over 8000 USD, approaching the 0.083 million mark; the session saw gold futures rise over 4%, and copper rose nearly 8%.
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Tariff crushes hopes for a rebound in US stocks, the Dow plunged over 2,000 points during the session, the S&P erased more than 4% of its gains and turned negative, and Apple fell 11% from its daily high at one point.
NVIDIA, which rose over 8% in the early session, closed down more than 1%. Tesla, which rose over 7% in the early session, closed down nearly 5%. The China concept Index has closed down more than 5% for two consecutive days. The yield on the two-year U.S. Treasury bond dropped nearly 20 basis points during the session. The Swiss franc surged nearly 2% in the session. Bitcoin dropped over $5,000, falling below the 0.078 million mark during the session. Crude Oil Product once fell more than 4%. Copper rose over 4% during the session but later fell more than 2%.
AppLovin Is Maintained at Overweight by Wells Fargo
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