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Trump has signaled he's OK with the decline in stocks for now, comparing the historic crash to taking "medicine to fix something."

The rumors only lasted about seven minutes. By then, stock investors realized it was not true that President Donald Trump was pausing tariffs for 90 days and, accordingly, stopped frantically bidding stocks higher.

"This is not what we voted for," Ackman wrote on X. The investor backed Trump in the election but says the trade war could cause great economic harm.

As Bitcoin hits its five-months-low, hedge fund founder Quinn Thompson predicted that it will rally above $110,000 in 2025.

Brent crude futures and options contracts traded on the Intercontinental Exchange (ICE) hit record volumes on Friday, surpassing levels seen during the COVID-19 pandemic as investors braced for a global trade war and OPEC+ oil output hikes. Heavy selling drove oil prices to four-year lows at the end of last week, marking the largest weekly decline in a year and a half. Market participants traded 4.067 million ICE Brent futures and options contracts, surpassing the previous daily record set in 2020, according to ICE, when the global pandemic shocked energy markets and sent traders scrambling as oil demand shrank.

Trump's tariffs have triggered a stock market rout that will hurt the wealthy some and everybody else more.

A falsely reported update on Trump's tariff policy set the stage for one of the strangest trading sessions in recent memory.