Stocks fell on Thursday after a massive rally on Wall Street spurred by President Donald Trump announcing a 90-day reprieve on some of his “reciprocal” tariffs.

The Dow Jones Industrial Average dropped 1,000 points, or 2.5%. The S&P 500 shed 3%, while the Nasdaq Composite slid 3.7%.

Leading the declines were Apple and Tesla, which pulled back more than 3% and 6%, respectively. Nvidia lost 5.4%, while Meta Platforms slipped 4%.

The moves come after a historic surge on the Street, where the S&P 500 soared more than 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, while the Nasdaq scored its biggest one-day gain since January 2001 and second-best day on record.

During Wednesday’s session, there was an unusual trading volume of around 30 billion shares, the highest level in history, as per records dating back 18 years.

The rally took off after Trump announced a temporary drop in tariff rates for most countries to 10% for 90 days. Canada and Mexico won’t be subjected to an additional 10% duty, however. The European Union announced Thursday a similar 90-day pause on U.S. goods.

“I thought that people were jumping a little bit out of line,” Trump said. “They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.”

To be sure, that still leaves a 125% rate on goods from China. Trump stated that he thinks the U.S. and China will end up making a “very good deal.”

Despite optimism in response to the 90-day reprieve, some on the Street think the market is not yet out of the woods.

“The increase in China tariffs but delay in others leaves the effective tariff rate at 23%, at historical highs,” Michael Gapen, Morgan Stanley chief U.S. economist, wrote in a Thursday note. “Delays help, but do not reduce uncertainty.”

Others were echoing a similar sentiment amid the market surge, with LPL Financial’s Jeffrey Roach still calling for the potential of more turmoil ahead.

“Market volatility could remain elevated, despite the 90-day pause on tariffs for non-retaliating countries,” said Roach, chief economist at LPL Financial. “Hard data from the early part of the year suggests the economy is slowing, irrespective of trade policy.”

The major averages are also still down sharply since the tariffs were announced on April 2. The S&P 500 is lower by more than 6% in that time, along with the Dow and Nasdaq.

The latest consumer price index report showed inflation eased to 2.4% year-over-year in March, lower than the Dow Jones consensus estimate of a 2.6% rise.