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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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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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