() World markets skyrocketed Thursday in the wake of President Donald Trump’s 90-day tariff pause, though Wall Street futures remain in the red.

Trump on Wednesday pulled back on a majority of his tariffs, issuing a 90-day pause on the levies. Notable exceptions include China, which now faces a 125% tariff, and a 10% baseline tariff that went into effect on April 5.

In response, Asian and European markets jumped in early trading: Japan’s benchmark Nikkei 225 saw a 9.1% leap, while Germany’s DAX initially gained 5.6%.

Futures for the United States’ three major indices weren’t looking so rosy Thursday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq-100 down by at least 1.5%. Oil prices also dropped.

The projections follow Wednesday’s 9.5% S&P surge, which marked its third-best day since 1940.

Late Wednesday night, Trump touted the gains on social media, writing, “What a day, but more great days coming!!!”

The announcement came after days of denial from the White House that any such pause was in the works, calling reports earlier this week “fake news.”

Trump has since called his decision the result of “flexibility” and said he had been thinking about a tariff walkback over the last few days.

Trump tariff pause: EU pauses countermeasures, China remains firm

The European Union has paused its countermeasures tariffs on $23 billion of U.S. goods for 90 days.

European Commission President Ursula Von der Leyen said on X: “We took note of the announcement by President Trump. We want to give negotiations a chance … If negotiations are not satisfactory, our countermeasures will kick in.”

But the tariff tit-for-tat has continued with China, which now faces higher-than-ever levies from the U.S.

On social media, China’s Ministry of Foreign Affairs posted a picture of a “Make America Great Again” hat with a tag reading “Made in China” and the price marked up.

Trump has maintained he believes Chinese President Xi Jinping will eventually call to make a deal, though Chinese officials have asserted that they intend to “fight to the end” of the tariff battle.

Sen. Schiff calls for ‘insider trading’ investigation against Trump

The White House said Trump’s about-face on tariffs is part of the president’s strategy, but Sen. Adam Schiff, D-Calif., said he isn’t buying it.

On Wednesday, Schiff immediately called on Congress to investigate whether Trump engaged in insider trading or market manipulation by pausing the tariffs.

Schiff pointed to Trump’s social media post, made minutes after the markets opened Wednesday, telling Americans: “THIS IS A GREAT TIME TO BUY!!!”

That same post was signed “DJT,” shorthand for Trump’s full name and also his company’s stock symbol.

Commerce Secretary Howard Lutnick called the message “one of the most extraordinary Truth posts of his Presidency” in a social media post.

A White House official confirmed to that Trump will hold his fourth Cabinet meeting on Thursday morning.

The Associated Press contributed to this report.