Some Calm has come back to financial markets this morning.

I'm David Brancaccio in Los Angeles. Overseas stock markets and U.S. Stock Index futures are showing a move upward in prices on this Tuesday, even as bonds turned down, pushing up interest rates.

The benchmark U.S. 10-year rate 4.16 now after moving below 4% for a stretch during the wild volatility over tariffs. S&P futures are up 1.5% now.

Volatility is down, a sharp contrast to yesterday when in the hour after Wall Street's opening bell.

Stock indicators went from way down to way up in a few seconds,

a 7% swing. This was a move based on false information. The Trump team might be willing to

pause the new tariffs. Marketplaces Nova Sopho and I had seldom seen such a swing for the

S&P 500 Nova. That's right, David. You and I were both watching it happen in real time yesterday morning,

and it was a sight to behold. The whole thing happened within minutes in the 10 o'clock hour Eastern time.

We have a better sense today of what caused it. It appears to have been a false report that circulated on

social media that the Trump administration may be considering a 90-day pause on the global tariffs

it announced last week except for China. Well, the whole thing was wrong. But CNBC had picked up

on that rumor. Other outlets did too, and markets reacted violently swinging from a sharp loss

to a substantial gain. Some two and a half trillion dollars went into the stocks and then out again, according to the Wall Street Journal's calculation.

And that was all in the time span of just about a half hour, David.

That's quite a tsunami.

And I was looking over at my screen, saw the reversal, started to do that percentage calculation.

And I could see this was a very rare event, but an example of what this

VIX volatility index for the stock market, Wall Street's fear gauge, has been telling us,

markets are going every which way. That's right. And Reuters calculated that the intraday swing

was one of the largest in the last 50 years. The others were almost all during the 1987 stock market crash, the 2008 financial crisis, and during the early days of COVID. So that gives you a little context there. And that volatility we're seeing could continue. We are now entering earnings season. Companies are preparing to release their first quarter results. And Wall Street will be listening for corporate leaders to talk about tariffs and how

they may impact their businesses going forward, David. All right. Thank you very much.

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