Newsmax's stock took flight immediately following its IPO, soaring as much as 2,230% by Tuesday. Yesterday, however, shares of Newsmax plummeted 77%.

Priced at $10 per share, the cable TV company closed its first day of open-market trading at $83.51 and its second at $233, after rising as high as $265. That left the stock NMAX up 2,230% in its first two days of trade on the New York Stock Exchange.

Newsmax debuted on the New York Stock Exchange on Monday and surged over 500% in the first few hours of trading, leading to nearly a dozen trading halts following its initial public offering, as its market cap surged to more than $5.

Stock futures declined on Tuesday as investors braced for President Donald Trump's upcoming tariff announcements. Market jitters intensified after Trump signaled broader trade barriers, vowing to impose reciprocal tariffs on all countries.