NEWS
A Black Monday Bounce

It was one of the best Black Monday Crashes of all time, all things considered. Fintwit did its best to rile the market into a fervor this weekend, but equities answered Jim Cramer’s question, “Would we see a second Black Monday Crash?” with a resounding “nah.”

Even so, the VIX hit 60 while the market pumped on a handful of tweets before the White House said, “fake news.” With President Trump threatening a second round of 50% China tariffs and a deluge of callouts from the biggest players in the financial space, it is clear that tariff trouble is not over yet. 👀

Today's issue covers the tweets that tumbled and the talking-head drama from bank and analyst leaders. And don’t worry, there is still room for price jumps from small players. 📰

Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with technology (+1%) leading and consumer discretionary (-2%) lagging.

And here are the closing prices: 

STOCKS
The Tweet That Tumbled The Market 🤦‍♂️ 

Just after 10 am ET, the market turned. Climbing from -4% to an exuberant +3%, the S&P 500 flew on the fresh news: The White House was considering a 90-day pause on tariffs, Fintwit quoted Kevin Hassett, National Economic Council director, speaking on Fox and Friends.

The market jumped $6T as the story ran on CNBC live TV, just as a quick note, across Reuters newswires, and our contemporary live tweeters on X. There was only one small problem: the story was unconfirmed. 🥴 

The White House called out fake news, and by the end of the day, Trump was in the Oval Office declaring no end to tariffs and threatening even more if China and others tried to fight back. 😡 

Hassett had appeared on Fox but dodged the question about a 90-day pause nearly entirely, but the instant media machine we have come to know love and fear spread the improper quote like a virus.

Bloomberg said the flash climb and fall saw $6T in equity flow through the market, and seemed to quote someone like @DeItaone, as a likely source for the headline, but the account was not the only one or largest media source to run with the story. 😐️ 

CNBC said Monday night that they had covered the unconfirmed headline and labeled it as such, but when the VIX is 60, none of that matters. In environments like this, people shoot first and ask questions later. 🤷 

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