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What was a massive rally on Wall Street has turned into yet another sizeable decline.

The S&P 500 ended the day above bear-market territory, but the US-China trade war risks further tumult.

Investors are digesting tariff whiplash after the White House confirmed plans to levy 104% tariffs on China, set to go into effect at 12:01am ET.

A stock market rally evaporated on Tuesday as the White House announced further tariffs on China.

Sushi restaurant chain Kura Sushi (NASDAQ:KRUS) met Wall Street’s revenue expectations in Q1 CY2025, with sales up 13.3% year on year to $64.89 million. On the other hand, the company’s full-year revenue guidance of $277 million at the midpoint came in 1.3% below analysts’ estimates. Its non-GAAP loss of $0.14 per share was in line with analysts’ consensus estimates.

Egg company Cal-Maine Foods (NASDAQ:CALM) fell short of the market’s revenue expectations in Q1 CY2025, but sales rose 102% year on year to $1.42 billion. Its GAAP profit of $10.38 per share was 4.8% below analysts’ consensus estimates.

Apple shares fell nearly 5% Tuesday after the Trump administration said it would enact a 104% tariff on Chinese goods.

(Bloomberg) -- Another volatile day on Wall Street pushed the S&P 500 Index back to the brink of a bear market as the Trump administration doubled down on its plans to enact hefty tariffs that threaten to send the American economy into a recession.Most Read from BloombergThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsTrump Order on CDFI Fund Risks Aid for Small Businesses, HousingThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideIn Chicago, a Former Steel Mill Looks

Store expansion and a comeback of the China market is the hope; tariff backlash could shutter that.

A broad stock market rally stalled on Tuesday as markets lost hope for immediate reprieves from sweeping tariffs announced last week.