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Already on Thursday, stocks were giving back a chunk of Wednesday's historic gain. Goldman Sachs says the tariff pause likely won't stem declines.

Wall Street was set to wrap up another week of tariff-fueled turmoil.

"The willingness of Retail investors to place confidence on market upside despite radical policy uncertainty has clearly paid off," JPMorgan said.

Tariffs remain in effect on Chinese goods, including batteries for electric vehicles and imported cars, analysts said.

A number of stocks fell in the afternoon session after stocks gave back some of the gains from the previous day as the White House clarified the tariffs on imports from China would add up to 145%, while the baseline 10% tariffs remained in place for all countries. This reminded markets that the global trade environment remained volatile, limiting the potential for sustained gains.

"With the 125% tariff on China, the 10% blanket tariff, the average tariff actually went up yesterday with the raise on China," Jeremy Siegel said.

The S&P 500 dropped 3.5% on Thursday, April 10, 2025, with the strong rally for stocks in the previous session running out of steam amid escalating trade tensions with China.