By Davide Barbuscia and Carolina Mandl NEW YORK (Reuters) -Investors are recalibrating how to play U.S. President Donald Trump's whipsawing policy changes, weighing that a so-called "Trump put" supporting stock market prices may be fading and that his administration is more keenly focused on the debt markets.

U.S. stocks are rallying Wednesday after President Donald Trump showed again that his latest word on tariffs won't always be his last. After pulling back on some of the tariffs he announced earlier this week,

U.S. equity futures moved sharply lower in early Thursday trading amid a global government bond market selloff and slumping tech stocks as investors continue to navigate a backdrop of tariff uncertainty and softer economic growth.