Markets Swing Wildly On What WH Calls “Fake News”

The Hill reports:

The White House pushed back on the idea that President Trump is considering a 90-day pause on tariffs as “fake news” after it spread on social media and caused the stock market to jump. “Wrong. Fake News,” the White House said on X, sharing a post that Trump is reportedly expecting to do a pause.

The social media action began when a user on X, Walter Bloomberg, posted that Kevin Hassett, director of the National Economic Council, said Trump is considering a 90-day pause on all countries except China. The post caused major moves on the stock market, with a surge followed by a plunge within seconds.

Read the full article. That fake news caused the Dow to swing from around -1400 to nearly +500. As this writing, it’s back down to -1100.