Dow slides nearly 800 points as AI and tariff risks rattle investors
CBSN
Stocks slid on Monday as jittery investors digested President Trump's plan to raise global tariffs to 15% and amid renewed concerns about the impact of artificial intelligence apps on the technology industry. Edited by Alain Sherter In:
Stocks slid on Monday as jittery investors digested President Trump's plan to raise global tariffs to 15% and amid renewed concerns about the impact of artificial intelligence apps on the technology industry.
The Dow Jones slid 794 points, or 1.6%, as of 12:35 p.m. EDT. The S&P 500 fell 78 points, or 1.1%, while the Nasdaq dropped 1.3%.
Gold, regarded as a safe haven in periods of market turbulence, rose 2.9% to $5,230, according to FactSet.
Wall Street analyst Adam Crisafulli, head of Vital Knowledge, pointed to concerns about the AI impact on the software sector and other industries as the main reason stocks were slumping in morning trade.
AI — which until recently had propelled the stock market to a succession of record highs — is "increasingly a net negative for the equity market," he told investors in a research note.
Target will invest another $2 billion in its business this year to spruce up stores, remodel locations and invest in workers, the retailer said Tuesday as it outlined plans to try to reverse a persistent sales malaise and reclaim its footing in fashion and home categories. In:
Defense Secretary Pete Hegseth deemed artificial intelligence firm Anthropic a "supply chain risk to national security" on Friday, following days of increasingly heated public conflict over the company's effort to place guardrails on the Pentagon's use of its technology. Jo Ling Kent contributed to this report. In: