Markets just got a shot of adrenaline. The S&P 500 (SPY) popped as much as 3.4% today before trimming gains, after headlines suggested the U.S. might dial back tariffs on China. While Treasury Secretary Scott Bessent walked it backsaying no official offer to lower tariffs had been madethe tone from Washington clearly softened. Investors took it as a green light. Trump also reassured markets he doesn’t plan to fire Fed Chair Jerome Powell, calming fears of another political storm brewing around monetary policy. Bond yields dropped. The dollar climbed. Risk came back on fast.

Tesla (NASDAQ:TSLA) was one of the biggest winners. The stock rebounded after Elon Musk announced he’s stepping away from some of his high-profile government work, helping settle nerves following one of the company’s worst quarters. Boeing impressed with an earnings beat, adding more fuel to the rally. Markets are attempting an eye-opening recovery, said Nationwide’s Mark Hackett, pointing to the shift in tone as a potential turning point. AT&T (NYSE:T) also gained ground, part of a broader rally that saw the Nasdaq (NASDAQ:QQQ) jump 2.7% at 12.05pm and global equities surge across the board.

Meanwhile, crypto lit up. Bitcoin (BTC-USD) broke above $92,000, and the move into risk assets was clear. Gold? Down 2.9%. Oil? Also down. The message: investors are betting the recent chaos might coolat least for now. But with no formal policy shift yet on tariffs, and Trump’s next move always a wildcard, the question remains: is this a real pivot, or just a pause before the next punch?

This article first appeared on GuruFocus.