Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, April 7th, and I'm your host, Kim Kahn. Our top story so far.

The stock market has gone from edgy to jumpy to nervous as a long-tailed cat in a room full of rocking chairs,

if you'll forgive the technical terms.

Volatility and swings are the order of the day,

and investors look unsure which way to turn as the major averages bounce around.

Case in point.

One erroneous tariff headline pushed the NASDAQ composite,

which had been down more than 4% at its intraday lows,

to more than 4% in the green.

Janie strategist Gila Baugh noted that the S&P 500 was tracing a 780-point intraday path.

Those are just wild moves.

The headline that President Trump was considering a 90-day pause on tariffs on all countries except for China

came from a known financial Twitter account,

which said its source was Reuters. CNBC reported the headline but later said it was

unconfirmed and the White House finally denied the headline, calling it fake news. Instead, Trump later

indicated that he was ready to heap an additional 50% tariff onto Chinese goods entering the U.S.

as of Tuesday in response to China's

34% retaliatory tariffs on U.S. goods. That would bring the tariff rate on Chinese goods to more than

100%. The major averages are now down between 1% and 2%, but the swings haven't stopped and a higher

finish wouldn't be out of the question. The VIX volatility index, also known as the Fear Gage, topped 60 overnight and that's currently

near 50. That's a level that can prompt short-term buying. The CNN Fear and Greed Index is at a lowly

...