The S&P 500 rose 9.5 percent after President Trump announced he would pause his “reciprocal” tariffs for 90 days, but economists warned that American importers were not out of danger.

After several years of consistent mortgage rate increases and soaring home prices, the prognosis for the 2025 housing market seemed promising at the start of the the year. However, recent economic and political instability has cratered consumer confidence and homebuyer optimism.

Asian markets plunged on Monday following last week's two-day meltdown on Wall Street, and President Donald Trump said he won't back down on the sweeping new tariffs he announced on April 2 that have roiled global trade.