After spending a weekend of panic over the economic impact of President the New York Stock Exchange continued to crater on Monday — before spinning into chaos amid a false rumor that Trump may pause the
Within minutes of opening, the Dow Jones dropped over 1,500 points, the NASDAQ dropped over 4.5 percent, and the S&P 500 plunged 4 percent. The drop on Monday is the S&P’s biggest three-day crash since October of 1987 and is set to enter a bear market — the first since the Covid-19 pandemic — if the losses hold.
The markets then fluctuated wildly as rumors swirled that Trump was considering a 90-day pause on the tariff regime. It’s unclear where the rumor about Trump considering a pause actually started, though. “Walter Bloomberg,” a verified, widely followed social media account “HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA.” The account cited Reuters, which did indeed that Hastert said on Fox News that Trump was considering a pause. Reuters later updated its story to note that CNBC was the first to report the possible pause. A CNBC host did indeed on the air that Hastert said Trump will consider at 90-day pause — but prefaced it by saying, “I think we can go with this headline.” Another host said, “We’ll try to source that exactly.”
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