Stocks soared then fell flat Tuesday as investors digested the latest developments in President Donald Trump’s “Liberation Day” trade war, failing to sustain a recovery from historically bad losses over the last week even as China, the world’s second-largest economy, threatens to “fight to the end” with the U.S. over the soaring import duties.

The dramatic moves intraday — and the flimsy basis for the sudden rally — show how starved investors are for good news that could stop the sell-off.