while, the Fed’s latest meeting minutes didn’t exactly signal a more dovish shift, keeping rate-cut hopes in check. By the end of the week, a late boost came from encouraging comments about potential talks between Presidents Trump and China’s Xi and a better than feared inflation report, helping stocks close out a volatile stretch with relatively solid gains.

The biggest shock came Friday morning when President Trump made surprise comments about potentially placing steep tariffs on Apple products and imports from the European Union. These sudden threats, especially after previous talks of exemptions, raised questions about where U.S. trade policy might be headed and apparently caught markets off guard.

Also helping provide a boost, inflation data showed signs of cooling. Both consumer and wholesale prices came in lower than expected, which supports the case for the Federal Reserve to consider cutting interest rates in the near future.

The US and China struck a temporary deal halting reciprocal tariffs for 90 days and the futures markets are screaming higher as of this writing. This may well be the key driver of this week’s trade.

What’s more, the steep selloff following the April 2 tariff announcement has been fully reversed for the S&P 500 and Nasdaq, with both benchmarks now comfortably above those levels. While the Dow, small-cap Russell 2000, and mid-cap S&P 400 still have ground to recover, all are up double digits from their early April lows.