As US stocks looked up Tuesday after days of bloodbath, President Donald Trump’s crypto czar David Sacks posted a five-word verdict that ‘Black Monday hoax is over’ — taking a swipe at experts and naysayers who predicted doom for the markets as a result of Donald Trump’s reciprocal tariffs.
US stocks were higher Tuesday, setting the stage for a rebound. The Dow was up 930 points, or 2.45%, in midday trading. The broader S&P 500 gained 2.3%. The tech-heavy Nasdaq Composite rose 2.5%.

What is Black Monday?

Black Monday was a global stock market crash on October 19, 1987. After Trump announced tariffs on Wednesday, US stock saw the worst decline since the COVID-19 pandemic began in 2020. Experts predicted that Monday would be something similar to Black Monday.
Monday started badly for the markets but a rumor pivoted the market after it was speculated that Trump was mulling a 90-day pause on tariff. After the White House dismissed the rumor and asserted that there was no going back, the markets dropped again. But Tuesday was a better day.
White House National Economic Council Director Kevin Hassett said Tuesday on Fox News that the administration is managing “a massive number of requests for negotiations” from nations and that Trump is prioritizing “two of our closest allies and trading partners,” Japan and South Korea.
Earlier on Tuesday, Trump posted on social media that he had “a great call with the Acting President of South Korea.” On Monday, Trump spoke with Japan’s Prime Minister Shigeru Ishiba, who will be sending a team to visit Washington to negotiate a trade deal.
The European Union’s executive arm said the bloc is prepared to negotiate with the United States over buying more of its liquefied natural gas. It’s a response to a grievance raised by Trump, who has said the EU must buy around $350 billion worth of American LNG to compensate for the deficit the US has in goods trade with the bloc.
David Sacks took on Ukraine as the US escalates its trade war on China. “After China, the number one country ripping us off is Ukraine. We send them hundreds of billions of dollars, get nothing out of it. This was Biden’s corrupt project. If Zelensky doesn’t sign whatever is put in front of him, we should cut loose of it,” Sacks wrote.