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US stocks fell sharply on Thursday, reversing some of Wednesday's historic gains fueled by President Trump's tariff pause. The S&P 500 dropped 2.3%, the Dow Jones Industrial Average fell 700 points (1.7%), and the Nasdaq composite declined 2.7%. Despite positive inflation and jobless data, market focus remains on the ongoing global trade war's potential economic impact. Analysts warn that even a partial resolution may not fully mitigate the economic damage. While some European markets rallied, Wall Street anticipates further volatility due to uncertainty surrounding Trump's future actions and the persistent threat of recession.

Prepared by Christopher Adams and reviewed by editorial team.