Market Turmoil: White House Clarifies Tariff Pause Rumors

Wall Street indexes declined after initial gains due to a White House denial of a CNBC report on a potential tariff pause by President Trump. Markets reacted to the mixed signals, with notable drops in the Dow Jones, S&P 500, and Nasdaq by mid-morning trading.

The main indexes on Wall Street saw volatility on Monday, with a significant drop after CNBC reported that President Donald Trump might consider a tariff pause. However, the White House quickly denied these claims.

The market showed initial positive reactions to the news, but the denial sent stocks falling. By mid-morning, the Dow Jones Industrial Average was down by 996.97 points or 2.60%, dropping to 37,317.89.

The S&P 500 and Nasdaq Composite also declined, losing 115.21 points (2.27%) and 320.20 points (2.06%) respectively, illustrating the market's sensitivity to trade policy developments.

(With inputs from agencies.)