In April $2025,$ U$.$S$.$ stock markets$$particularly exchange$-$traded funds $($ETFs$)$experienced a sharp rebound following President Donald Trump's surprise announcement of a $90-$day pause on newly imposed tariffs. Interestingly, a surge in options trading activity occurred just before this announcement, raising concerns about the fairness of the market response.

Required:

Using this example, critically evaluate how each of the following theories would interpret the observed market behaviour:

The Efficient Market Hypothesis $($EMH$)$

Behavioural Finance $($BF$)$

The Adaptive Market Hypothesis $($AMH$)$

Your answer should compare these theories and explain how each would view the sharp price movements and timing of trades in this scenario.$$