April 8 - The U.S. stock market saw wild intraday swings Monday as a false report of a temporary tariff pause triggered a brief but massive rally, only to be followed by a sharp reversal.

The S&P 500 surged 8.5% in just over half an hour, briefly recouping $3.6 trillion in market value, before paring gains to close down 0.2% at 5,062.25.

The rally was sparked by a widely circulated post on social media platform X, which falsely claimed President Donald Trump was considering a 90-day pause on tariffs for all countries except China. The White House later denied the claim, labeling it “fake news.”

The market had opened sharply lower, with the S&P 500 down as much as 4.7%, pushing it into bear market territory. The Dow Jones Industrial Average dropped 0.9% to 37,965.60, while the Nasdaq Composite edged up 0.1% to 15,603.30.

While investors momentarily latched onto hopes of trade negotiations, President Trump signaled a tougher stance. He confirmed consideration of a 50% tariff on Chinese goods following Beijing's retaliatory moves on Friday.

Despite the confusion, some optimism remained after Treasury Secretary Scott Bessent posted that Trump had directed new trade talks with Japan.