LIVE MARKETS-US stocks surge as Trump issues pause on reciprocal tariffs

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U.S. STOCKS SURGE AS TRUMP ISSUES PAUSE ON RECIPROCAL TARIFFS

Wall Street's main indexes have turned sharply higher on Wednesday after U.S. President Donald Trump said he would pause many of his new tariffs for 90 days, even as he raised them further on imports from China.

With this, the S&P 500 index .SPX is jumping more than 6%, and on track for its biggest daily gain since April 2020.

The CBOE market volatility index .VIX, which hit 57.96 earlier Wednesday, has collapsed back below 40.00.

Chip .SOX and Mag 7 .MAG stocks are among outperformers with both posting gains of around 10% on the day.

Here is a market snapshot from around 1:38 p.m. EDT:

(Terence Gabriel)

FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:

BENCHMARK TREASURY AUCTION WITHIN EXPECTATIONS - STOCKS SURGE THEN SETTLE - CLICK HERE

AS BONDS TUMBLE, MIGHT THE FED SOON TAP ITS TOOL BOX? - CLICK HERE

CAN ANY APPEARANCE OF CALM BE TRUSTED? - CLICK HERE

MORTGAGE SEE-SAW: RATE DROP LAUNCHES DEMAND TO HIGHEST SINCE SEPTEMBER - CLICK HERE

THE BEAR CAN WAIT: WALL STREET STARTS GREEN AS BARGAIN SHOPPERS EMERGE - CLICK HERE

AMID ELEVATED VOLATILITY, BENCHMARK TREASURY YIELD VAULTS - CLICK HERE

GERMAN BUNDS THE ULTIMATE SAFE HAVEN - CLICK HERE

LOOKING FOR TARIFF BUSTERS? - CLICK HERE

DOLLAR, TREASURIES AND S&P 500 - SOME NUMBERS - CLICK HERE

LESS PANICKED THAN EARLIER, BUT THAT'S A LOW BAR - CLICK HERE

EUROPE BEFORE THE BELL: SHARE SELLOFF RESUMES, TREASURIES IN FOCUS - CLICK HERE

MORNING BID: MARKETS COWER AS 104% TARIFFS ON CHINA BEGIN - CLICK HERE