Stock futures bounced on Tuesday in a slight reprieve from the market turmoil sparked by President Donald Trump’s tariff rollout that led to the biggest equity losses since the pandemic. Dow Jones Industrial Average futures rallied 1,136 points, or 3%. Futures tied to the S&P 500 were up around 2.7%, while Nasdaq-100 futures gained 2.6%. The moves come after three days of steep losses and violent volatility. Monday marked the highest trading volume for U.S. markets in at least 18 years at roughly 29 billion shares. The 30-stock Dow Jones Industrial Average plunged more than 1,700 points at one point in the session. Between the day’s highs and lows, the index swung 2,595 points. The blue-chip index ultimately closed 349 points, or 0.9%, lower. Treasury Secretary Scott Bessent told CNBC on Tuesday that China’s escalation was a “big mistake,” adding that the country was “playing with a pair of twos.” He added that around 70 countries had approached the U.S. for tariff negotiations. If they come to the table with solid proposals, I think we can end up with some good deals,” Bessent said. “And part of the calculus of that may be that some part of the tariffs stay on.” The S&P 500 briefly entered bear market territory at the lows of Monday’s session, down more than 20% from its record, before rebounding slightly and finishing the session slightly lower. The benchmark lost 10% in two days to end last week, its worst losses since 2020 during the outbreak of Covid, as investors fear Trump’s shockingly high tariff rates on most of the world will lead to a recession. There was little fundamental reason apparent for the bounce Tuesday with more dire trade news overnight. China said it will “fight to the end” after Trump said Monday the U.S. would slap an additional 50% tariff on China if the country follows through with its 34% retaliation. “It looks as if investors are reloading on the long side following yesterday’s dramatic market action which appeared to round off a frenetic sell-off,” said David Morrison, senior market analyst at Trade Nation. However, “in the absence of some tariff clarity and defined purpose from the White House, and soon, the Trump administration is in great danger of losing control,” Morrison added. “If markets perceive this, which they are close to doing, then the derisking will continue.” The CBOE Volatility Index – known as Wall Street’s so-called fear gauge – spiked to about 60 on Monday, an extreme level that could signal a technical bounce was due. There was some light buying in the premarket of some beaten-up tech shares. Nvidia and Amazon were both up 2% apiece, while Apple gained 1%. The benchmark 10-year Treasury yield climbed back above the 4% level on Monday, even as President Donald Trump’s tariffs sparked fears of an economic slowdown. The yield on the 10-year Treasury gained around 18 basis points at 4.166%. The 2-year Treasury yield advanced 8 points at 3.753%. Asia-Pacific markets rose Tuesday, rebounding from previous session’s losses over U.S. President Donald Trump’s tariff policy and threats of even higher levies against China. Australia’s S&P/ASX 200 added 2.27% to close at 7,510. Japan’s Nikkei 225 rose 6.03% to close at 33,012.58, while the Topix gained 6.26% to end the trading day at 2,432.02. South Korea’s Kospi rose 0.26% to close at 2,334.23 and the small-cap Kosdaq added 1.1% to close at 658.45. Hong Kong’s Hang Seng Index climbed over 1.51% to close at 20,127.68, while the Hang Seng Tech Index jumped 4.49%. Hong Kong’s stock market led losses in the region on Monday, with the Hang Seng Index plummeting over 13% to log its steepest one-day decline since 1997, data from FactSet showed. Mainland China’s CSI 300 rose 1.71% to close at 3,650.76. Crude oil futures held steady on Tuesday, after booking steep losses on fears that President Donald Trump’s sweeping tariffs will trigger a full-blown, global trade war. U.S. crude oil was last up 24 cents, or 0.4%, to $60.94 per barrel, while global benchmark Brent rose 18 cents, or 0.28%, to $64.39 per barrel. West Texas Intermediate hit a session low of $58.95 per barrel on Monday, the first time the benchmark has fallen below $60 per barrel in four years. U.S. crude oil is down more than 14% and Brent has fallen more than 13% since last Wednesday when Trump announced his tariffs. Gold prices drifted higher on Tuesday, aided by global trade tensions between the U.S. and its main trading partners, and a softer dollar. Spot gold rose 0.8% to $3,005.21 an ounce by 0847 GMT, after hitting its lowest level since March 13 on Monday. U.S. gold futures gained 1.6% to $3,020.70. Spot gold remains nearly 15% higher for the year driven by geopolitical and economic uncertainties, strong central bank demand, and increased flows into gold-backed exchange traded funds.