Markets
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Luke Kawa

Stocks tumble as White House says report on 90-day pause to tariffs is “fake news”

Stocks ripped higher, with the S&P 500, Nasdaq 100, and Russell 2000 briefly erasing massive losses to break into positive territory, before turning negative.

The catalyst? The idea that President Trump was thinking about blinking. That’s from this headline, based on a Fox News interview with National Economic Council Director Kevin Hassett.

HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA

The problem is, when you listen to the clip... it’s not clear that this is what was said.

CNBC is now saying that the White House is calling this report “fake news.”

A 90-day pause to tariffs to give time to negotiate with other countries is something that was floated by none other than Pershing Square CEO Bill Ackman in his wild flurry of tweets this weekend.

Update: an earlier version of this piece attributed a headline to Bloomberg. That headline, from Walter Bloomberg on X, was sourced from Reuters.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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