Stock futures fell on Thursday after a massive rally on Wall Street spurred by President Donald Trump announcing a 90-day reprieve on some of his “reciprocal” tariffs. Dow Jones Industrial Average futures lost 656 points, or 1.6%. Futures tied to the S&P 500 fell 2.2%, while Nasdaq-100 futures traded down 2.6%. Leading the declines were Apple and Tesla, which pulled back more than 3% each in the premarket. The moves come after a historic surge on the Street, where the S&P 500 soared more than 9% for its third-largest gain in a single day since World War II. The Dow Jones Industrial Average also saw its biggest percentage advance since March 2020, while the Nasdaq Composite scored its biggest one-day gain since January 2001 and second-best day on record. During Wednesday’s session, there was an unusual trading volume of around 30 billion shares, the highest level in history, as per records dating back 18 years. The rally took off after Trump announced a temporary drop in tariff rates for most countries to 10% for 90 days. Canada and Mexico won’t be subjected to an additional 10% duty, however. The European Union announced Thursday a similar 90-day pause on U.S. goods. “I thought that people were jumping a little bit out of line,” Trump said. “They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.” To be sure, that still leaves this 125% rate on goods from China. Trump said that he thinks the U.S. and China will end up making a “very good deal.” Despite optimism in response to the 90-day reprieve, some on the Street think the market is not yet out of the woods. “The increase in China tariffs but delay in others leaves the effective tariff rate at 23%, at historical highs,” Michael Gapen, Morgan Stanely chief U.S. economist, wrote in a Thursday note. “Delays help, but do not reduce uncertainty.” Others were echoing a similar sentiment amid the market surge, with LPL Financial’s Jeffrey Roach still calling for the potential of more turmoil ahead. “Market volatility could remain elevated, despite the 90-day pause on tariffs for non-retaliating countries,” said Roach, chief economist at LPL Financial. “Hard data from the early part of the year suggests the economy is slowing, irrespective of trade policy.” The latest consumer price index report showed inflation eased to 2.4% year-over-year in March, lower than the Dow Jones consensus estimate of a 2.6% rise. U.S. Treasury yields moved lower on Thursday as the market received positive news on inflation and investors breathed a sigh of relief after President Donald Trump enacted a 90-day tariff reprieve on most countries, reversing a sharp sell-off in bonds. At about 8:53 a.m. ET, the 10-year Treasury yield was lower by 7 basis points at 4.326%, and the 2-year Treasury yield also dropped more than 11 basis points to 3.837%. On Wednesday, the 10-year Treasury climbed to over 4.51% at its highest, driven by unusual volatility in the bond market. One basis point is equal to 0.01% and yields move inversely to prices. Yields moved lower after a cooler-than-expected inflation report for March. The latest reading for the consumer price index showed a 2.4% year over year increase. Economists were expecting a rise of 2.6%, according to Dow Jones. Asia-Pacific markets rose Thursday, following Wall Street’s biggest burst of buying since 2008 after U.S. President Donald Trump announced a 90-day pause on higher tariffs on all nations bar China. Japanese markets led gains in the region. The benchmark Nikkei 225 closed 9.13% higher at 34,609 while the broader Topix index advanced 8.09% to 2,539.40. South Korea’s Kospi index surged 6.60% to close at 2,445.06 while the small-cap Kosdaq gained 5.97% to 681.79. Australia’s S&P/ASX 200 rose 4.54% to end the day at 7,709.60. Mainland China’s CSI 300 rose 1.31% to end the day at 3,735.32 while Hong Kong’s Hang Seng Index added 2.06% to close at 20,681.78. Crude oil futures fell more than 2% on Thursday, as President Donald Trump’s steep tariffs on China overshadowed his 90-day pause on higher rates for most other countries. U.S. crude oil fell $1.76, or 2.8%, to $60.59 per barrel, while global benchmark Brent was down $1.72, or 2.6%, to $63.76 per barrel. Gold prices extended gains on Thursday, driven by an escalating trade war between the United States and China, even after President Donald Trump announced a 90-day pause on tariffs for other countries. Spot gold was up 1.1% at $3,116.42 an ounce, after its biggest daily gain since October 2023 on Wednesday. U.S. gold futures were up 1.8% to $3,133.50. “We’re just living in a world of extreme uncertainty. We just don’t really know which way this trade war is going to go … I think for the course of this year, gold will march higher,” said Nitesh Shah, commodities strategist at WisdomTree.