Futures Slide After Trump Threatens China Escalation, White House Denies '90-Day-Pause' "Fake News"

Well, it's been a morning.

• Futs down 5% pre-open

• Rally begins on EU saying "ready for negotiations"

• Rally explodes on 'report' that Trump is considering 90-day pause on tariffs

• Stocks crash back to earth as White House confirms it is "fake news"

• Trump re-escalates on China, threatening 50% retaliatory tariffs.

And here we are (S&P futs are down 13% from the tariff announcement)...