S&P 500 · April 10, 2025

Falling again the day after the pause

-3.46%

single-day change vs previous close

Part of a longer stretch

The tariff-pause rally

early in it · 2025-04-08 → 2025-06-27, +23.89% over the whole period

What happened that day?

The S&P 500 fell 3.46% on the day, giving back part of the previous session's 9.52 percent gain
A day on, the fact that China had been left out of the pause came back into focus. Tariffs between the two had in fact gone higher
The previous day's rise was relief at avoiding the worst; this day's fall was the recalculation of what remained
The shape is common after a large policy announcement — the first day reacts to direction, and from the second the substance gets examined
China is among America's largest trading partners, so with that unresolved the tariff problem could not be called solved
It was actually resolved a month later, when the two agreed to cut tariffs on each other

Sources

Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.