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What caused stocks to suddenly reverse?
Multiple accounts on X posted identical claims that White House National Economic Council Director Kevin Hassett had said Trump was considering a 90-day tariff pause for all countries except China. The Associated Press reported that the claim appeared to come from a misinterpretation of Hassett’s earlier Fox News interview. Asked about a proposed pause, Hassett said: “I think the president is going to decide what the president is going to decide.”
The claim was repeated beyond social media, including by some news outlets. AP reported that the White House initially appeared confused, then a government account rejected the report as “fake news” about 20 minutes later. The source of the original posts was not identified.
How large were the reported intraday swings?
Associated Press reporting described sharp reversals during the session. These are intraday figures, not closing returns:
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| Index | Reported movement on April 7, 2025 | Source and qualification |
|---|---|---|
| Dow Jones Industrial Average | Briefly erased a morning loss of 1,700 points, rose by more than 800 points, then returned to a loss of 629 points. | Associated Press, April 7, 2025; reported intraday movement. |
| S&P 500 | Moved from a 4.7% loss to a 3.4% gain during the intraday reversal; stocks turned down again after the rumor was denied. | Associated Press, April 7, 2025; reported intraday movement. |
The figures capture the whipsaw, not the indexes’ final performance for the day. The cited reporting does not provide a complete closing table for all indexes.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the episode does—and does not—show
The sequence was a broad selloff amid concern over the administration’s tariffs, a brief rally as the pause rumor circulated, a White House denial, and a return to losses. The claim was not an announced policy change. AP attributed the apparent confusion to a misreading of Hassett’s remarks, but did not identify who first originated the posts.
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The reports establish that the rumor and denial coincided with a sharp intraday reversal. They do not isolate how much the rumor contributed to the full session’s performance, or separate its effect from other factors weighing on markets that day.
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