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Apple shares tumbled Thursday, giving back some of their gains from a historic rally Wednesday when President Trump paused most of the tariffs announced last week.

The Swiss company's former CFO was based in London, and joined the crypto trading firm last September.

The renewed selling came a day after the new levies took effect on most trading partners, rattling markets, and Trump then announced a 90-day pause on many of the reciprocal tariffs, while raising them further on Chinese imports. What’s going to happen next?

Major U.S. equities indexes tumbled midday Thursday, giving up some of Wednesday's gains after President Donald Trump said he would pause some tariffs for 90 days.

The usual relationship between stocks and bonds—bonds go up when stocks go down—broke down this week amid tariff uncertainty, leaving some investors wondering what caused the tumult.

President Donald Trump's pause on some announced import taxes may have eased the stress building in financial markets for now, but leaves in place the same set of circumstances that had reset the U.S. economic outlook with rising recession risks and potentially rising inflation. Major tariffs on China, Mexico and Canada remain in place, accounting for the bulk of U.S. imports, and the public, investors and the U.S. Federal Reserve now have three more months of uncertainty around where a disruptive debate will settle. With the stage set for a downturn in confidence that Fed officials already worry is sidelining spending and investment, policymakers this week said they continued to view the tariffs as a blow to economic growth that also raised the risk of higher inflation and leaves monetary policy at a difficult crossroads.

Amid the carnage, gold continued to be well-bid, surging to another record high.

Philadelphia Federal Reserve President Patrick Harker did not comment on the outlook for the economy or monetary policy in prepared remarks for a speech to a financial technology innovation conference on Thursday. Harker instead argued that "given the Federal Reserve System's preeminence in matters of financial stability and security, it is a no-brainer that we should seek to become not just thought leaders but thought-and-practice leaders" in the financial technology space.

The move comes amid U.S. President Donald Trump's drive to minimize federal spending through billionaire ally Elon Musk's DOGE government reform team, which is working to cancel contracts and shrink agencies. The 71% discount as part of an agreement with the U.S. General Services Administration (GSA) could generate up to $2 billion in cost savings for federal agencies if there is government-wide adoption, Google said on Thursday.