📈📉 What just happened?

At 10:10 AM ET, rumors emerged that the White House was considering a "90-day tariff pause."

At 10:15 AM ET, CNBC reported that Trump is considering a 90-day pause on tariffs for ALL countries except for China.

By 10:18 AM ET, the S&P 500 had added over +$3 TRILLION in market cap from its low.

At 10:25 AM ET, reports emerged that the White House was "unaware" of Trump considering a 90-day pause.

At 10:26 AM ET, CNBC reports that the 90-day tariff pause headlines were incorrect.

At 10:34 AM ET, the White House officially called the tariff pause headlines "fake news."

By 10:40 AM ET, the S&P 500 erased -$2.5 TRILLION of market cap from its high, 22 minutes prior.

This single headline swung $6 TRILLION in the S&P 500 market cap.

We just witnessed the largest 30-minute swing in market cap in history.

🔗 The Kobeissi Letter