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Wall Street is coming off its worst week since the advent of the pandemic, shedding over $5 trillion in value amid Trump's tariff plans.

The Magnificent 7 tech stocks continued their sell off Monday as the Trump administration’s global tariff plan rocked markets.

Bill Ackman, the billionaire CEO of hedge fund Pershing Square and one of President Donald Trump's most fervent supporters on Wall Street, on Sunday criticized his "massive and disproportionate tariffs" on key U.S. trading partners and urged him to call a "90-day time out" to allow for negotiations.

(Bloomberg) -- Bill Ackman said the US is “heading for a self-induced, economic nuclear winter.” Boaz Weinstein predicted the “avalanche has really just started.” And Jamie Dimon warned it “may be disastrous in the long run.”Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersBoston Mayor Wu Embraces Trump Resistance as Campaign Heats UpThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsTrump Order

Wall Street's main indexes reversed course and moved sharply higher after White House economic adviser Kevin Hassett said in an interview that President Donald Trump was considering a 90-day tariff pause on all countries expect China. At 10:20 a.m. the Dow Jones Industrial Average rose 333.50 points, or 0.87%, to 38,614.49, the S&P 500 gained 79.99 points, or 1.69%, to 5,154.07 and the Nasdaq Composite gained 362.69 points, or 2.33%, to 15,950.47.

Oppenheimer reduced its target for the benchmark index to 5,950 from 7,100 target, while BofA reduced to 5,600 from 6,666, making it one of the lowest on Wall Street. The S&P 500 index slumped further on Monday and was down more than 20% from its all-time high, putting the benchmark index on track to confirm a bear market.

Mesa Air Group shares soared Monday morning on news the carrier had agreed to merge with fellow regional carrier Republic Airways in an all-stock transaction.