April 10 (UPI) — The U.S. stock market remained volatile Thursday despite the 90-day reprieve on many of President Donald Trump‘s “Liberation Day” tariffs, despite a brief midday run-up.

The S&P 500 lost 3.46% and closed at 5,268.05. The Nasdaq fell 4.31% and landed at 16, 387.31. The Dow tumbled 1.104.79 points, or 2.5% to land at 39,593.66

Apple was among the companies that saw the harshest declines, which dropped 3%, Meta fell 3.7%, Nvidia dropped 4.9% and Tesla stumbled by 5%.

The downward direction follows Wall Street’s historic surge Wednesday, when there was a trading volume of approximately 30 billion shares, the highest level in recorded market history. As a result, the S&P 500 shot up above 9% for its third-largest gain in a single day since World War II.

The Dow also saw its biggest percentage advance since March 2020, and Nasdaq scored its biggest one-day gain since January 2001, its second-best day ever.

The massive rally came after Trump announced a 90-day drop of tariff rates for most countries to 10%, and neither Canada nor Mexico will face an extra 10% duty, however. The EU responded with its own 90-day hold on tariffs levied on U.S. goods.

However, Trump did not lift the 125% tariff rate on goods from China.