Stocks Hit by AI-Disruption Fears as IBM Tumbles: Markets Wrap
Shipping containers at the Port of Long Beach in Long Beach, California.
Photographer: Kyle Grillot/BloombergStocks fell and bonds rose as renewed anxiety over the impact of artificial intelligence on company profits joined lingering tariff uncertainty in squelching risk appetites. Bitcoin dropped below $65,000. Gold rallied.
The S&P 500 slid 1%. Tech, delivery and payment shares got hit as Citrini Research laid out the potential AI risks to various industries. DoorDash Inc. and American Express Co. sank over 6.5%. An ETF focused on software firms lost 4.8%. International Business Machines Corp. tumbled 13% in its worst day since October 2000 as Anthropic said its Claude Code can help modernize COBOL, a programming language mainly run on IBM computers.