US stocks are starting to give up their gains

Major U.S. stock indices have slipped to new session lows, giving back large gains seen earlier in the day.

NASDAQ is currently up 63 points (+0.40%) at 15,666, but was up as much as 713 points earlier, reaching a high of 16,316.51—a sharp intraday reversal.

S&P 500 is now up 33 points (+0.67%) at 5,096.59, well off its session high when it was up 205 points.

Dow Jones Industrial Average is up 430 points (+1.13%) at 38,396, after having surged as much as 1,461 points at session highs.

The pullback followed comments from White House Press Secretary Levitt, confirming that an additional 104% in tariffs went into effect at noon ET—a stark reminder of the risks to growth and inflation tied to escalating trade tensions.