Markets get twitchy

The smell of desperation is wafting through the markets as investors seek reasons for hope amid a self-inflicted downturn.

• A mixed trading session for stocks with minor losses in the S&P 500 don't tell the story of today's stomach-churning rollercoaster.

Follow the money: Stocks were mostly 2% to 4% lower this morning as economic fears continue to mushroom over the impact of the higher duties.

• Then a headline rippled through the market saying Trump could pause most April 9 tariffs, which sent stocks skyrocketing in a historic, albeit vanishingly brief, rally. (The report was quickly deemed an erroneous interpretation of a comment from National Economic Council director Kevin Hassett.)

🎢 The impact: The Nasdaq jumped nearly 10% in 30 minutes, then fell 6% from that high over the next 20.

• The S&P 500 jumped over 8% in the same time frame, then shed 5%. It was its largest intraday swing since the COVID uncertainty in 2020.
• And the Dow swung in a 2,595-point range, which as Axios' Ben Berkowitz casually notes, is "not normal."

The big picture: Today's market reaction to headlines tells you all you need to know about how twitchy investors have gotten since "Liberation Day."

• Investors are desperate for the Trump administration to take an "off-ramp" from the tariffs, with the trade war triggering fears of recession.

The latest: Trump, in an afternoon news conference, said he wasn't considering a pause but also signaled that he could be open to negotiations.