At its lowest, the S&P 500 fell as much as 1.5%, but traded positive for most of the day. Then Trump said he was considering "retribution" against China.

Those moves come after Trump's latest Truth Social post suggested to investors the president may not follow through on his threat to post a "massive increase of tariffs" on China.

Trump's tariff announcement wiped out almost $800 billion from major tech firms, with the S&P 500 and Nasdaq Composite falling the most since April.

Trump's tariff announcement wiped out almost $800 billion from major tech firms, with the S&P 500 and Nasdaq Composite falling the most since April.

The almost-trite mechanics of this bounce work against the idea that stocks are mostly twitching in tune with the tit-for-tat, U.S.-China trade threats.

At its lowest, the S&P 500 fell as much as 1.5%, but traded positive for most of the day. Then Trump said he was considering "retribution" against China.

At its lowest, the S&P 500 fell as much as 1.5%, but traded positive for most of the day. Then Trump said he was considering "retribution" against China.

Whether traders continue pushing equities to highs amid fractious relations with China will depend, in part, on the earnings of major technology companies.

Whether traders continue pushing equities to highs amid fractious relations with China will depend, in part, on the earnings of major technology companies.