$TRUMP

Stock futures rose in after-hours trading Monday following a day of market whiplash that ultimately left major indexes largely unchanged. Contracts tied to the Dow industrials, the S&P 500 and the tech-heavy Nasdaq-100 all gained more than 1%.

China threatened to retaliate further against the U.S. if President Trump carries out his threat to raise the tariff on Chinese goods by an additional 50%.

A false dawn on the tariff front fueled a brief rally Monday morning, with the S&P 500 surging some 7% from its low on the day, before the administration clarified that there will be no delay in implementing new levies.

The episode, which touched off wild swings throughout the trading day, highlights the increasing desperation on Wall Street as the trade-war rout of 2025 extends into a new week. By the 4 p.m. close, the Dow Jones Industrial Average fell 0.9%, or 349 points. The Nasdaq Composite finished 0.1% higher, and the S&P 500 closed down 0.2%.

The morning rally followed erroneous headlines that Trump was considering a 90-day pause in tariffs. The initial reaction showed how much desire there is among investors to return to the well-trod territory of administrations that want to assist markets and stock declines that are quickly followed by sharp bouncebacks.

Influential Wall Street voices raised concerns. JPMorgan’s Jamie Dimon warned about the effect of tariffs on growth and prices, while BlackRock’s Larry Fink said CEOs he talks to say we are probably in a recession now.

The S&P edged closer Monday to bear-market territory, defined as a 20%-plus decline from a recent peak. The tech-heavy Nasdaq Composite fell into a bear market last week. On Thursday and Friday, U.S. stocks lost $6.6 trillion in value after Trump announced larger tariffs than Wall Street expected and China said it would match the duties on all U.S.-made goods.

Wall Street’s “fear gauge,” the VIX, leapt Monday as investors braced for further volatility ahead. In Asia, where many economies are highly trade-reliant, Japanese stocks opened more than 5% higher......