Stock market drops a day after huge gains on tariff pause announcement

Wall Street gave back some of the historic gains made a day earlier when President Donald Trump paused his latest tariff hikes on U.S. trading partners, with the exception of China.

In morning trade on Thursday, the S&P 500 was down 126 points, or 2.3%, to 5,331, while the Dow Jones Industrial Average dropped 869 points, or 2.1%. The tech-heavy Nasdaq fell 3%.

It's been a wild couple of weeks on Wall Street with Mr. Trump's tariff announcements, reversals and retaliation from U.S. trading partners. That volatility seems unlikely to change in the coming weeks with the U.S. and China still locked in a tit-for-tat tariff battle and earnings season kicking off on Friday with the latest results from some of the nation's biggest banks.