In a chaotic morning on Wall Street, a false report declaring that President Trump was considering a 90-day pause on his controversial tariff proposal sent index funds like the Dow Jones on a wild ride, rapidly rising before reversing course minutes later. The report, which was not true, originated from a popular news aggregator on X, known as Walter Bloomberg, and was amplified by reporting errors from CNBC and Reuters.

The Walter Bloomberg account, which is not affiliated with Bloomberg News, has long been considered a reliable source of tech and business news, despite not being a traditional news organization. The account publicly posts news headlines as they hit the Bloomberg Terminal, an expensive subscription-only service used by financial professionals for real-time market data. This makes accounts like Walter Bloomberg a useful follow for quick news, especially since headlines from outlets like CNBC and Bloomberg often hit the Terminal before being published online.

However, on Monday, a series of reporting errors from CNBC and Reuters, which were then amplified by the Walter Bloomberg account, appears to have directly affected the stock market during an already chaotic day. The false report, which was deleted after being denied by the White House, stated that Kevin Hassett, Trump's Director of the National Economic Council, had said that the President was considering a 90-day pause in tariffs for all countries except China.

The White House's rapid response team quickly quote-tweeted the now-deleted Walter Bloomberg post and denied the report, sharing a clip from Fox News where the false statement seems to have originated. In the clip, Hassett responded to a question about a 90-day pause by saying, "You know, I think the president is going to decide what the president is going to decide… But I would urge everyone, especially Bill, to ease off the rhetoric a little bit."

When asked about the source of the report, Walter Bloomberg pointed to Reuters, which in turn pointed to CNBC. Reuters issued a statement saying, "Reuters, drawing from a headline on CNBC, published a story on April 7 saying White House economic adviser Kevin Hassett had said that President Donald Trump was considering a 90-day tariff pause on all countries except China. The White House denied the report. Reuters has withdrawn the incorrect report and regrets its error."

CNBC also issued a statement, saying, "As we were chasing the news of the market moves in real-time, we aired unconfirmed information in a banner. Our reporters quickly made a correction on air." Walter Bloomberg broke from its typical robotic tone with a simple "wtf," then screenshotted the Terminal's report from CNBC that said that the White House is not aware of any plan for a 90-day pause.

The incident highlights the risks of unverified news and its impact on financial markets. While it's likely that Wall Street traders saw the news on the Terminal itself, people outside of the financial sector rely upon accounts like Walter Bloomberg to mimic the rapid news access of the Terminal. The incident also raises questions about the role of news aggregators and their responsibility in verifying the accuracy of the information they disseminate.

The incident is a stark reminder of the importance of fact-checking and verification in the age of rapid-fire news and social media. As the financial sector becomes increasingly reliant on real-time news and data, the need for accurate and trustworthy sources of information becomes more critical than ever.