Apple posts best day since 1998, Tesla and crypto soar as investors seize 90-day pause
Global markets roared back to life on Wednesday as US President Donald Trump’s surprise decision to pause key elements of his tariff regime ignited one of the largest single-day stock market rallies in modern history.
The S&P 500 surged 9.52%, marking its third-largest one-day gain since World War II, according to FactSet. The Nasdaq Composite jumped 12.16%, its second-best day ever, while the Dow Jones Industrial Average climbed 7.87%, or 2,962.86 points, its strongest advance since the early days of the pandemic in March 2020.
Trump’s decision to pause the most sweeping new tariff increases for 90 days—dropping proposed rates for most countries from 34% to 10%—sent shockwaves through a market that had spent the last week in a tailspin. Only China was excluded, with tariffs on its goods rising further to 125%.
Tech leads the surge
Leading the rally was Apple, which soared 15% for its best day since January 1998. The rebound added more than US$400bn to its market capitalisation, pushing it just shy of the US$3tn mark.
The reversal comes after Apple had suffered its worst four-day stretch since 2000, as investors feared steep tariffs on key manufacturing hubs like Vietnam, India and Thailand. With those countries now facing just 10% tariffs, analysts say Apple may be able to meet US demand from outside China, reducing risk.
Other tech giants also posted eye-popping gains:
- Tesla surged over 20%, its best session since 2013
- Nvidia rose 18%
- Amazon and Meta gained 12–15%
- The PHLX Semiconductor Index soared nearly 19%
“Markets were a coiled spring,” said Gina Bolvin, president of Bolvin Wealth Management Group. “This is the pivotal moment we’ve been waiting for. The immediate reaction shows how badly investors were craving clarity.”
Trump’s ‘buy’ call hits the mark
Adding to the frenzy, Trump posted on Truth Social just after the market opened: “THIS IS A GREAT TIME TO BUY!!!”
Those who acted immediately saw enormous gains. For example:
- The SPDR S&P 500 ETF (SPY) jumped from US$494.11 to US$548.62, an 11% intraday surge
- Trump Media & Technology, trading under the ticker DJT, rose 22.2%
- Tesla climbed from US$226.27 to US$274.69, a 21.4% gain
Relief ripples across sectors
The relief rally was widespread:
- United Airlines jumped 26.9%
- Microchip Technology rose 26.8%
- Affirm, a fintech “buy now, pay later” provider, gained 20%
- Toast, Block, and PayPal rose 10–13%
- Legacy payment giants Visa and Mastercard each rose 6%
Bitcoin and other cryptocurrencies also surged, with Bitcoin up 7%, Ethereum and Solana over 12%, and crypto proxy stocks like MicroStrategy jumping 23%.
Uncertainty still looms
Despite the optimism, analysts warned that the tariff pause is temporary. “It’s still too early to signal an all clear,” said Dave Sekera, chief US market strategist at Morningstar. “Trade negotiations have yet to start, and once they do, there will be headlines on both sides as they jockey for concessions.”
China remains a major pressure point. Earlier this week, Beijing imposed 84% tariffs on US goods in retaliation to Trump’s previous hikes. The US has since increased tariffs on Chinese imports to 125%, and Trump has not spoken directly with Chinese President Xi Jinping since his return to office.
Even with Wednesday’s bounce, the S&P 500 remains down 3% from a week ago, and many companies are still assessing how to navigate a landscape of shifting supply chains and unpredictable tariff regimes.
Looking ahead
Trump has said over 75 countries have reached out to begin negotiating trade terms, including Japan, South Korea, and Italy. His administration is pursuing what it calls “tailored” deals based on trade imbalances.
Whether the 90-day pause will be enough to reset global trade dynamics—or merely serve as a pressure valve before another round of escalation—remains to be seen.
But for now, investors have caught their breath. And after four punishing days, the market finally exhaled.
