CNBC

Cryptocurrencies pulled back with the broader market as investors gave back more than half of Wednesday's historic rally. The price of bitcoin was last lower by more than 4% at $78,853.10, according to Coin Metrics. Ether dropped nearly 9% and Solana's SOL token tumbled more than 8%. Meanwhile, the S&P 500 stock index lost 4.6%. Coinbase fell 8%, while bitcoin proxy Strategy lost 8%. Several bitcoin miners were down double digits, including Core Scientific. Riot Platforms fell 8%.

The bond market screamed at President Donald Trump this week to change course on his tariff plans before he eventually listened and potentially avoided a catastrophe. Trump's stunning pivot Wednesday followed massive tumult in the $140 trillion global bond market and particularly in the $47 trillion portion involving U.S. fixed income. As speculation grew that the ominous surge in Treasury yields was about to create a domino effect of problems for financial markets, the president capitulated. That lead to a breathtaking fury on Wall Street, with major stock market averages staging a historic rally and bond yields coming off their highs.

President Trump says while discussing his tariff policies that he expects “there’ll be a transition cost and transition problems,” even while insisting, “we think we’re in very good shape.” Find more: cnb.cx/44hPAna

The ICE U.S. Dollar Index dropped sharply again on Thursday, putting the greenback on track for its worst day since 2022. The index, which measures the U.S. dollar against a basket of global currencies, was last down 1.83% to 101.02. At one point in the session, it slipped below the 101 level. The index hasn't closed below that threshold since September.

President Donald Trump's tariffs aren't the only presidential policy that is weighing on Constellation Brands. Along with tariffs on Mexican imports, his hardline immigration stance is also hurting the company's beer sales as Hispanic consumers in the U.S. spend less, Constellation CEO Bill Newlands told analysts on the company's conference call on Thursday. Roughly half of Constellation's beer sales come from Hispanic consumers, although the company is selling more brews in part because of its marketing strategy. Constellation's outreach to non-Hispanic beer drinkers has boosted its sales and helped Modelo Especial become the top-selling U.S. beer.

The newest tariffs implemented by President Donald Trump put the universal rate on imports from most U.S. trade partners at 10%, with a significantly higher rate on China. On Wednesday, the President said in a social media post he was raising the tariffs imposed on imports from China to 125% "effective immediately" due to the "lack of respect that China has shown to the World's Markets." That comes on top of a 20% fentanyl-related tariff that the Trump administration previously imposed on China, bringing the total effective U.S. tariff rate on Chinese imports to a whopping 145%, a White House official confirmed to CNBC. China earlier Wednesday said it would increase its tariff rate for imports from the U.S. to 84%.

The Trump administration recently announced that it would begin a process of overhauling the country's $1.6 trillion federal student loan system. The potential changes could impact how millions of borrowers repay their debt, and who qualifies for loan forgiveness. "Not only will this rulemaking serve as an opportunity to identify and cut unnecessary red tape, but it will allow key stakeholders to offer suggestions to streamline and improve federal student aid programs," said Acting Under Secretary James Bergeron in a statement on April 3.

A massive number of hedge fund short sellers rushed to close out their positions during Wednesday afternoon's sudden surge in stocks, turning a stunning rally into one for the history books. Traders — betting on share price declines — had piled on a record number of short bets against the U.S. stocks ahead of Wednesday as President Donald Trump initially rolled out steeper-than-expected tariffs. In order to sell short, hedge funds borrow the security they're betting against from a bank and sell it. Then as the security decreases in price from where they sold it, they buy it back more cheaply and return it to the bank, profiting from the difference.

With each passing day since President Donald Trump's sweeping tariff announcement last week, a growing sense of unease had begun to pervade Wall Street. As stocks plunged and even the safe haven of U.S. Treasurys were selling off, investors, executives and analysts started to fret that a core assumption from the first Trump presidency may no longer apply. Amid the market carnage, the world's most powerful person showed that he had a greater tolerance for inflicting pain on investors than anyone had anticipated. Time after time, he and his deputies denied that the administration would back off from the highest American tariff regime in a century, sometimes inferring that Wall Street would have to suffer so that Main Street could thrive.

President Donald Trump's decision to pause tariffs on trading partners around the globe may have eased some of the market's worst fears, but the big swings in stocks and bonds that have continued in the markets match a pervasive feeling of uncertainty inside the supply chain amid whipsaw conditions in global trade. At least for now, though, some orders around the world that were paused are surging. The trade war with China, the biggest trading partner of the U.S., remain in effect and are now at 145%. But across other Asian and European nations that are key manufacturing partners, the fluid situation is leading importers to rethink decisions that were the correct one just a day ago.