The S&P 500 is flirting with dreaded bear market territory as Trump tariffs drive global market meltdown

U.S. stocks are swinging Monday following a manic morning where indexes plunged, soared and then sank again as Wall Street tossed around a false rumor about President Donald Trump's plans for his trade war.

After trading began, the S&P 500 quickly sank 4.7% following even worse drops for financial markets worldwide amid worries that Trump's tariffs could torpedo the global economy. But it suddenly erased all of it and surged to a gain of 3.4%, which would have counted as its best day in years.