The stock market surged on Thursday in a relief rally triggered by a 90-day pause on most new U.S. tariffs. This pause, however, excluded China, intensifying a trade war that signaled uncertainty for markets.

The U.S. dollar struggled to maintain its latest gains, falling by 0.26 percent to 102.64.

The S&P 500 index gained 9.52 percent, while the Nasdaq Composite rose 12.16 percent. The  was also 7.87 percent higher. However, the Nifty 50 was down 0.61 percent.

Tech stocks surge

Wall Street indexes logged their largest daily percentage gains in more than a decade as Trump reversed the sweeping tariffs on most countries.

However, the stock market’s concerns persisted as tensions between the world’s two trade powerhouses rose. Despite pausing tariffs on all other countries, Trump raised levies on Chinese imports to 125 percent, up from the 104 percent duty that came into effect on Wednesday. Earlier, China had raised additional duties on American products to 84 percent and imposed restrictions on 18 U.S. companies.

Tech stocks also witnessed a major increase. Nvidia shares gained 18.72 percent, Apple rose 15.33 percent to $198.85, and Microsoft increased by 10.13 percent to 390.49. In addition, Alphabet gained 9.88 percent, Tesla rose 22.69 percent, Meta was up 14.76 percent and Amazon increased by 11.98 percent to $191.10.

The tech stocks gained more than $1.5 trillion in market value on Wednesday after U.S. President Donald Trump paused his sweeping tariffs for 90 days, easing pressure on tech giants that had tumbled in recent sessions.

Read: Oil prices decline over 1 percent as U.S. ramps up China tariffs

Asian shares recover

In Asian markets, the Nikkei was up 8.61 percent as of 5:09 GMT. Meanwhile, the broader Topix index gained 8.07 percent to 2,538.92.

The Chinese stock market also opened higher on Thursday, and Hong Kong’s Hang Seng Index surged 2.61 percent, despite the yuan tumbling to its weakest level in more than 17 years. Some analysts attributed the rise to hopes for talks between the world’s two largest economies, as well as support from Beijing for the markets and the economy.

In Europe, the EUROSTOXX 50 was down 3.17 percent to 4,622.14, while the FTSE 100 Index lost 2.92 percent to 7,679.48.