BREAKING: U.S. and China Slash Tariffs in Epic 90-Day Truce, Markets Go Wild!

Holy smokes, the U.S. and China just hit the brakes on their tariff war, bringing rates down to levels that won't make you sweat! It's a game-changer, folks!

Monday was like a blockbuster movie for the stock market, all thanks to this jaw-dropping tariff news. The Dow Jones was soaring at around 42,300 mid-afternoon, skyrocketing by 1,078 points, or a whopping 2.61%. Meanwhile, the S&P 500 was chilling at 5,834, jumping up 174 points or 3.08%. And get this, the tech-heavy Nasdaq was the star of the show, hitting 18,683, with a mind-blowing gain of 754 points or 4.21%.

Stocks were popping off the charts after U.S. President Donald Trump dropped the bomb about a 90-day pause on those brutal U.S. tariffs on China. During this breather, the tariff rate on Chinese goods is dropping from an insane 145% to a much cooler 30%. That includes a 10% base rate and an extra 20% for China's alleged role in the fentanyl trade. And guess what? Chinese tariffs on U.S. goods are now chilling at 10%.

Bitcoin and Gold Take a Hit, Amazon and Tesla Soar

Trump is out here flexing, calling the talks a "total reset" in trade relations with China. Sure, this tariff pause isn't the ultimate solution, but it's a sign that those long-term trade talks are moving in the right direction. And hold onto your hats, Trump might even be chatting with Chinese President Xi Jinping later this week.

When it comes to individual stocks, the big winners were the ones feeling the heat from China tariffs. Amazon shot up 8.01%, Apple soared 6.39%, Tesla blasted off with a 6.48% gain, and Nvidia climbed 5.12%. These companies are all up in China's business, so no surprise there.

These stocks also gave the dollar a nice boost. The dollar index was sitting pretty at 101.94, up 1.59%. But here's the kicker: both gold and Bitcoin (BTC) took a hit after the tariff news. BTC dropped 1.43% in the last 24 hours, trading at $102,583, while gold plummeted 3.10% to $3,223.26 per ounce. Bitcoin's fall alongside gold really puts a dent in its story as an inflation hedge.