Stocks cratered for a second day following a tariff retaliation from China and a signal from the Fed that it won't be coming to the rescue.

• The S&P 500 fell another 6%, and it's now fallen 10.5% in two days — the largest two-day drop in five years, which sent it back firmly into correction territory.
• The Nasdaq shed another 5.8%, bringing its two-day drop to 11.4%, and putting the tech-heavy index into a bear market — down over 22% from its high in February.
• The two-day toll on small caps, represented by the Russell 2000, was 10.7%.

What they're saying: "Markets are crashing," Secretary of State Marco Rubio acknowledged today at a meeting in Brussels. But that was a necessary result to achieve a broader plan, he said.

• "Markets are based on the stock value of companies who today are embedded in modes of production that are bad for the United States."

This week's volatility has disrupted deal activity, just as it was starting to show signs of momentum.

• At least six companies have delayed IPOs, including StubHub, Klarna and Chime, according to reports by Axios Pro and Bloomberg.
• French building materials company St. Gobain called off the sale of its auto glass unit, people familiar with the matter told Bloomberg, citing market turmoil.
• And private equity giant KKR was reported yesterday to be walking away from a group weighing a bid for a German packaging company.

More widely, leveraged loan deals — which are crucial to funding private equity deals — are being delayed as market volatility had already been softening demand for weeks, per FT.

Go deeper: "This has been a whipsaw week for understanding deal trends," Axios' Dan Primack writes.

President Trump announced that he again would delay the ban on TikTok scheduled for tomorrow.

• The new reprieve comes despite the absence of a deal with the app's Chinese owner, ByteDance, Axios' Maria Curi and Dan Primack write.

What he's saying: "The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days," Trump said in a Truth Social post.

State of play: Trump successfully brushed off a law passed by Congress, which had required the ban to take effect months earlier, despite bipartisan consensus about national security risks caused by the app's ties to China.

• Now he's extending the ban by another 75 days.

Go deeper

🏠 The average 30-year fixed rate mortgage fell to 6.55% from 6.75% on Wednesday, according to Mortgage News Daily. (Axios)

🕹️ Nintendo Switch 2 pre-orders were delayed amid Trump tariff uncertainty. The delay gives Nintendo time to reconsider its price before fans lock in their orders. (Axios)