Not at all suspicious. Please, continue investing.
5. Misinfo moves markets
Screenshot from CNBC when false banner was aired on Monday, April 7.
A faulty headline suggesting President Trump was considering a 90-day pause on tariffs outside of China drove a massive market rally on Monday morning, only for stocks to plummet after the report appeared to be false.
Why it matters: Investors are on a hair trigger for any sign of Trump retreating from his maximalist tariff plan.
The S&P rose more in 34 minutes in one morning than it did in the first 13 years of this century, Axios' Felix Salmon noted.
State of play: Reuters on Monday retracted the story that reported Trump was considering a 90-day tariff pause for all countries except for China, citing White House economic adviser Kevin Hassett.
The news wire said it published its story "drawing from a headline on CNBC," which posted a chyron with the false information at 10:15am ET.
Here's a rundown of what happened with time stamps:
At 8:24am ET: Hassett was asked on Fox News if Trump would consider a 90-day pause in tariffs, to which he responded, "I think the president is gonna decide what the president is gonna decide."
The word "yep" came out of Hassett's mouth in response to being asked the question right before he answered, but it was obvious by his answer that the "yep" was not a response to the question, rather an acknowledgement to the anchor that he could hear him and the conversation was pivoting.
At 9:43 am: The S&P 500 begins to rally.
At 10:11am, an anonymous X account (@yourfavorito) posted "HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA mother of all squeezes incoming."
The author of that account later wrote in response to a journalist asking him about the post that he got that information from CNBC and Reuters, even though both outlets reported the news after his post.
He later said his post was a response to notes from trade desks. Goldman Sachs said it didn't have evidence that showed they sent email alerts about the news, as claimed by one of the screenshots being shared online.
At 10:15am, CNBC displayed a chyron on its air during a live report that said "HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA," mirroring the language exactly used by the @yourfavorito X account a few minutes before.
At 10:19am, Reuters published a wire story with the headline, "HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA -CNBC."
At 10:24am, CNBC said on air that it couldn't confirm the 90-day tariff pause was correct.
At 10:33am, CNBC reported that the White House denied the report, calling it "fake news."
At 12:28pm, Reuters officially retracted its story.
What they're saying: In a statement, CNBC told Axios: "As we were chasing the news of the market moves in real-time, we aired unconfirmed information in a banner. Our reporters quickly made a correction on air."
Reuters acknowledged it pulled its headline from CNBC and said, "Reuters has withdrawn the incorrect report and regrets its error."
The bottom line: The costly mishap shows how investors and mainstream news outlets have become deeply reliant on social media during breaking news, sometimes to their own detriment.