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U.S. stocks continued their wild ride on Wednesday, with the S&P 500 swinging between gains and losses throughout the first half of the session before soaring after Trump announced a 90-day pause on most of the sweeping tariffs announced last week.

Hedge funds typically profit handsomely from the $1 trillion “basis trade,” but the Federal Reserve could be forced to step in as yields surge.

Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days but raised his tax rate on Chinese imports to 125%.View on euronews

NEW YORK (Reuters) -A sharp selloff in U.S. Treasuries this week has remained orderly despite continued uncertainty stemming from the U.S. administration's trade policies, said Dan Ivascyn, group chief investment officer at U.S. bond giant PIMCO on Wednesday. "You can't think of much worse of a scenario for ... direct lending to more economically sensitive borrowers than a stagflationary shock leading to a very high probability of recession in a world of disruption and significant global friction," Ivascyn said.

Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 15.7% in the afternoon session after markets rallied sharply on news that President Trump announced a 90-day tariff pause. Reciprocal tariffs were also dropped to 10% for most countries, sparking renewed optimism amid ongoing trade talks. The major stock indices rose as investors, growing impatient of seemingly irrational tariff actions, welcomed the pause as a sign of a more measured path forward.

Shares of ride sharing service Lyft (NASDAQ: LYFT) jumped 5.6% in the afternoon session after markets rallied sharply on news that President Trump announced a 90-day tariff pause. Reciprocal tariffs were also dropped to 10% for most countries, sparking renewed optimism amid ongoing trade talks. The major stock indices rose as investors, growing impatient of seemingly irrational tariff actions, welcomed the pause as a sign of a more measured path forward.

It will be led by CEO Joseph Rallo, who, along with former business partner David Boral, had previously resurrected the brand in 2021. Rallo and Boral positioned EF Hutton at the center of Wall Street's special purpose acquisition company boom. One of EF Hutton's most famous deals was leading the IPO of Digital World Acquisition, the SPAC that went on to sign a $1.25 billion merger with Trump Media & Technology Group in 2021.